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****** THURSDAY,FEBRUARY 25,2021~VOL. CCLXXVII NO.45 WSJ.com HHHH $4.00

DJIA 31961.86 À 424.51 1.3% NASDAQ 13597.97 À 1.0% STOXX 600 413.21 À 0.5% 10-YR. TREAS. g 7/32 , yield 1.388% OIL $63.22 À $1.55 GOLD $1,796.40 g $8.00 EURO $1.2171 YEN 105.85 Lawmakers Take the Field to Keep Their Distance McKinsey What’s News Partners Vote Out Business&Finance Leader cKinsey’s partners MvotedtoremoveKevin Kevin Sneader, who Sneader as the consulting firm’sleader afterinternal had tightened controls dissatisfaction over steps he following crises, fails took following aseries of crises forthe company. A1 to win a second term  TheDow rose 1.3% to are- BY JUSTIN SCHECK cord,while the S&P 500 and AND VANESSA FUHRMANS Nasdaq gained 1.1% and 1%, respectively.The Russell McKinsey &Co.’s partners 2000 jumped 2.4%. A1,B10 votedtoremoveKevin  CustomersinTexas’ dereg- Sneader as the eliteconsulting S ulated electricity market have firm’sleader,after internal paid $28 billion morefor elec- PRES dissatisfaction over stepshe tricity over two decades than TED took following a series of cri- CIA

they would have at therates SO ses forthe firm, people famil-

chargedtoresidentsserved AS iar with the matter said. A/

by traditional utilities. A1 UP The decision—the result of

KR astaggered voting process  WeWork co-founder and that McKinsey’s approximately ex-CEONeumann is settoreap 650 senior partners undertake an extra$50 million windfall CHARLES PRIME SEATS: New Hampshire legislators attend a state House of Representatives session at a sports center in Bedford, everythree yearstochoose or and other benefitsaspart of N.H., Wednesday in order to keep all 400 members a safe distance from each other during the pandemic. reconfirm the firm’sglobal an agreement that would set- managing partner—marks the tle adisputewith SoftBank. B1 firsttime in decades that a  Fed Chairman Powell, McKinsey leader hasn’t wona in House testimony, under- second term. Mr.Sneader,who scored his determination wasvoted global managing to return the U.S. labor Stock Market Sets Records, partner three yearsago, failed market to full strength. A2 to makeitpast the firstround of voting,inpart because  Verizon secured more partners chafed at changes than half of the wirelessair- aimedatkeeping McKinsey waves offered in a govern- Signaling Optimism for 2021 free of scandal, but limited ment auction that racked up partners’ autonomy, the peo- arecord$81 billion in bids. B1 ple said.  Foxconn agreed to assem- BY AKANE OTANI forfunds from consumersand economywould maketech less pent-up consumer demand, on McKinsey advises some of ble cars forelectric-vehicle businesses,and inflation ex- attractive—in effect, that the a background of near record- the world’sbiggest companies startup Fisker,expanding fur- Markets are signaling that pectations areatmultiyear economic outlook wastoo low interest rates, will at last along with governments. The ther intothe autosector. B1 an economythat plunged into highs.The priceofeverything good. But FedChairman Je- kick-start economic growth firm didn’t make Mr. Sneader itsdeepest recession in de- in markets, from abarrel of oil rome Powell reiterated on and inflation that were elusive available for comment.  Hong Kong moved unex- cades ayear agoisready to to ashareofmall retailer Tuesday that low rates would in recent years. Mr. Sneader, a 54-year-old pectedly to raise taxeson take off. GameStopCorp.toabitcoin, be around foralong time. As the U.S. moves past the Scot and McKinsey veteranof sharetrading by 30%, as Major U.S. stock indexes seems to be going up. Tech stocks promptly bounced. pandemic,marketsare fore- more than three decades, has the city’s stock-exchange have set 32 record highs in And momentsofcaution Theeverything rally shows PleaseturntopageA2 spent much of his tenure try- operator unveiled record 2021,including Wednesday’s have been short-lived. Earlier investorsbelievethe funis ing to movethe firm past con- sales and profits. B1 424-point surge by the Dow this week,investorssold tech- just getting started. They be-  Fed chief vows support for troversies around McKinsey’s  Australian legislation ef- industrials to 31961.86. Long- nologystocks,concerned that lieveacombination of more labor market...... A2 previous work with clients, in- fectively requiring Facebook term bond yields arerising, the rising long-term interest fiscal stimulus,more-extensive  Stocks jump on Powell’s cludingthis month’s$573mil- and Google to paynewsout- showing increasing demand ratesbrought by an improving Covid-19 vaccinations and reassurance...... B10 PleaseturntopageA4 letsfor content cleared itslast big parliamentaryhurdle. B1 World-Wide TexasShift INSIDE Lumber PricesAre S  Johnson & Johnson’s Cost Power PRES single-dose Covid-19 vac- Soaring,but Tree cine works safely, the FDA TED OCIA

said, paving the way for Customers SS the agency to authorize a /A Growers AreAiling third vaccine in the U.S. as CK early as this weekend. A1 WDHURI/REUTERS $28Billion EBENHA CHO

 Moderna said it has made M. DE the initial batch of doses of a K Sawmill operators harvest gains while Covid-19 vaccine designed to BY TOM MCGINTY PA RU PHELAN betterprotect against anew AND SCOTT PATTERSON forest owners in South face surplus strain of the coronavirus. A7 SPORTS BUSINESS&FINANCE CustomersinTexas’ dereg- family businesshas about  Biden signed an order di- Afterinjuries in car Retailerssqueezed by BY RYAN DEZEMBER ulated electricity market, AND VIPAL MONGA 70,000 acres of slash pine recting abroad reviewof crash, questions about pandemic face new which leftmillions in the dark near the Okefenokee Swamp. supply chains forcritical another Tiger Woods round of credit-card materials—from semicon- last week,havepaid $28 bil- TWIGGS COUNTY,Ga.— “I’m not making anything,” lion more for electricity over comeback loom. A14 feeincreases. B5 Thepandemic delivered an Mr.Hopkins replied. ductorstopharmaceuticals two decades than they would unexpected boon to the lum- Timber growers acrossthe and rare-earth minerals. A2 have at therates chargedto ber industry. Hunkered-down U.S. South, wheremuch of the  TwoSenate committees state residents served by tra- homeowners remodeled en nation’slogsare harvested, delayed votes on Neera ditional utilities,aWall Street masse and lowmortgage have gained nothing from the Tanden, Biden’s choice for Journal analysis has found. J&J One-Dose Va ccine ratesdrove demand forsub- run-up in prices forfinished OMB chief, whose nomina- Nearly 20 years ago, Texas urban housing.Lumber sup- lumber.Itisthe region’ssaw- tion appearstobeinperil. A4 shiftedfromusing full-service Found Effective by FDA plies tightened up and prices mills,including manythat  William J. Burns,the regulated utilities to generate smashed records. have been bought up by Ca- president’spick to lead the powerand deliver it to con- “You must be making alot nadian firms,that arehar- CIA,told aSenatepanel sumers. Thestate deregulated BY THOMAS M. BURTON tions and deaths while staying of money,” an AceHardware vesting the profits. powergeneration, creating the AND PETER LOFTUS aheadofanynew variants that storemanager told timber Sawmills arerunning as that he would intensifythe system that failed last week. threaten to evadetreatment. growerJoe Hopkins, whose PleaseturntopageA10 agency’sfocus on China. A4 And it required nearly 60% of Johnson &Johnson’ssingle- Health authoritieshavebeen  Biden announced three consumerstobuy their elec- dose Covid-19 vaccine works looking forwardtoadding anew nominees to the Postal Ser- tricity from one of manyretail safely,the U.S. Food and Drug Covid-19 vaccine to their arse- vice’sboard, amovethat powercompanies,rather than Administration said Wednes- nal. J&J’sshot wasn’t quiteas came as aHouse panel heard a local utility. day, paving the way forittoau- effectiveinits late-stagetrial as testimonyfromDeJoy. A4 Those deregulated Texas thorizeathirdvaccine in the the pair already in use,but it  Thepresident revoked residential consumerspaid U.S. as early as this weekend. worked safely by anumber of most immigration restric- $28billion morefor power Thevaccine was66.1% effec- measures,the FDAsaid, afterre- THE THREAT since2004 than they would tiveinpreventing moderateto viewing a44,000-subject study. tions that Trump imposed have paid at the ratescharged severedisease and appeared J&J’svaccine “met the pre- last year in response to the to utility customers, according safe, the FDAsaid, and the shot specifiedsuccess criteria” for coronavirus pandemic. A2 OF EXTORTION to the Journal’sanalysis of also showedtantalizing signs of PleaseturntopageA7  Afederal judgerejected data from the federal Energy slowing the spread of the virus. atelecom-industrychallenge PleaseturntopageA6 Health authorities areseeking  Moderna sends new variant to California’snet-neutrality to pick up the paceofvaccina- shot to NIH for testing...... A7 IS REAL. law, clearing the way forthe  Texas grid was minutes from tions and trying to lock in gains  Ghana is first to get vaccine statetobegin enforcing the complete failure...... A6 reducing daily cases,hospitaliza- under WHO plan...... A8 consumer protections. A3 Don’t Negotiate.Mitigate.  AGerman court secured the world’s first conviction Grab Nice Pants—The Boss Is at Your Door With aGift of a former Syrian official in relation to state-sanc- iii tioned torture. A9 Executivesreadpoems, makes’mores,‘baa’ likegoats to liftmorale Anew kindofadversary is on the rise, using

CONTENTS Opinion...... A15-17 BY CHIP CUTTER considered straightening up. still streaming to the Zoom extortion to threaten businesses across Arts in Review... A13 Personal Journal A11-12 BusinessNewsB3,5-6 Sports...... A14 But therewas amorepressing meeting.His bossheld acrys- the world. Without the right protection, Crossword...... A14 Technology...... B4 BryanCampbell waswatch- matter: pants. taltrophyand a$1,000 yours couldbenext. See how NETSCOUT Equities...... B7 U.S. News...... A2-7 ing an all-companyZoom As Mr. Campbell raced check,the prizefor Heard on Street.. B11 Weather...... A14 meeting one afternoon when to take off his pa- winning the firm’s visibility can detect and help mitigate these Markets...... B10 World News...... A8-9 he noticed something unusual jama bottoms and monthly “CEO Values complex threats. pop up on-screen: his house. put on real Award.” > His company’schief executive clothes,Dosh CEO Mr.Campbell, a goNETSCOUT.com/extortion appeared to be striding up to Ryan Wuerch and self-described intro- his front door. Mr.Wuerch’swife vert who tries to “fly Leaping to his feet, Mr. were waiting near under the radar,” says Campbell, a senior staff soft- the doorstep, he wasnervous but s 2021 Dow Jones & Company, Inc. All Rights Reserved ware engineer at an Austin, filming with a genuinely moved: “I Texas,startup named Dosh, phone that was Team builder PleaseturntopageA10 P2JW056000-4-A00200-1------XA

A2 | Thursday, February 25, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS FedChief Vows Supportfor Labor Market

BY PAUL KIERNAN proved sinceaslowdownin cate that the labor market is at speaking separately Wednes- joblessnessasthe primarygoal. economistsbelieved would late2020.The effectshaverip- maximum strength, inflation day, said that the unemploy- Lowerunemployment occurred cause wagesand prices to rise WASHINGTON—Federal Re- pled acrossfinancial markets, has hit its2%target, and fore- ment rate is closer to 10% when without spurring the inflation toomuch. serveChairman Jerome Powell pushing bond yields up and castersexpect inflation to re- considering the millions of that old economic theories sug- But during the record expan- underscored his determination prices forassetsthat aresensi- main at that level or higher. workerswho have leftthe labor gested would happen. sion from 2009 to 2020,job- to return the U.S. labor market tivetointerest rates, such as “Marketsget very concen- forceduring the pandemic and “We’veshown that we can, lessnessplumbed the half-cen- to full strength, saying Wednes- technologystocks,down. Mr. trated on thematic narratives,” some classification issues.Ten over thecourse of along ex- turylowswhile consumer daythe central bank won’t be- Powell’sassurances Tuesday said Julia Coronado,aformer millionfewerpeople had jobs pansion, we canget to lowlev- prices rose sluggishly.Inflation gin to tighten easy-money poli- that Fedpolicyisonhold for Fedeconomist who nowruns last month than beforethe pan- els of unemployment, and that ended 2020 at 1.3%, itseighth cies until it sees much more the foreseeable future drove consultancyMacropolicyPer- demic,asthe employment has the benefitstosociety—includ- consecutiveyear belowthe improvement. stocks to apartial rebound. spectives,referring to the fallen to 57.5%ofpopulation ing particularly to lowerand Fed’starget. TheFed will maintain ul- But while financial markets growth and inflation forecasts from 61% ayear ago. moderate-income people--are TheFed said in August that tralowinterest ratesand con- oftenreflect expectations of that have fueled the run-up in Underpinning Mr.Powell’s very substantial,” Mr.Powell under the newapproach it tinue hefty asset purchases un- economic growth, inflation and bond yields.“But it’snot the plans is arecent shiftinFed of- said Wednesday. wouldn’t raise interest rates til “substantial further progress corporateearningsinthe future, Fed’sjob to help youget your ficials’ focus toward attaining a TheFed reflected this new until inflation had reached 2% has been made” toward itsem- Mr.Powell said Wednesdaythe Treasury trade right. It’sthe strong labor market,which they focus last August when it made and wasontrack to moderately ployment and inflation goals, Fedislooking to see “actual Fed’sjob to makesurethat the see as having significant bene- amajor shiftonhow it setsin- exceed that target forsome Mr.Powell told the House Fi- progress, not forecast progress” economyrecoversand that all fits forthe broader economy. terest ratesbydropping its time,tomakeupfor previous nancial Services Committeein toward itsemployment and in- theselofty expectations come Fordecades previously, the cen- longstanding practice of pre- shortfalls.And while the Fed testimonyidentical to his open- flation goals beforeittightens true.” tral bank had made lowand sta- emptively raising them to stave expectsinflation to rise this ing statement Tuesdayatthe itspolicies. Mr.Powell noted the labor ble inflation itspriority.But the off higher inflation as the econ- year,Mr. Powell said Wednes- SenateBanking Committee. He He said the Feddoesn’t fore- market is far from the Fed’sob- lowunemployment rate omystrengthens.For decades dayhewouldn’t expect infla- said those goals are“likely to see raising itsbenchmark fed- jectives.The unemployment achieved beforethe pandemic afterthe high inflation of the tion to reach “troubling levels” take some time” to achieve. funds rate from near zero until rate in January was6.3%, up wasawake-up call formany 1970sand early 1980s,the Fed and wouldn’t expect anyin- He also acknowledged that three conditions aremet: a from 3.5% in February2020. policy makersand economists liftedborrowing costswhenever crease in inflation to be large the economic outlook has im- broad rangeofstatistics indi- Fedgovernor Lael Brainard, aboutthe meritsofreducing unemployment fell to levels that or persistent.

DowJones Industrial Average ShareofU.S.population thathas received Markets at leastone Covid-19 vaccine dose Review of Supply Signal 32000 31961.86 15% 30000 Chains Ordered 28000 Optimism 10 26000 BY ALEX LEARY grocerystore,” Mr.Biden said, at onepoint holding up a ContinuedfromPageOne 24000 WASHINGTON—President semiconductor. “We need to casting people will spend on 5 Biden signed an executive or- stop playing catch-up.” big-ticket items likevacations, 22000 derdirecting abroad review Theexecutiveorder companies will go on hiring of supply chains forcritical wouldn’t fixthe near-term sprees and the transition to 20000 materials—from semiconduc- chip shortage, WhiteHouse of- newtechnologies such as elec- tors to pharmaceuticals and ficials acknowledged, but the 18000 0 tric vehicles will accelerate. rare-earth minerals—with the hope is to producealonger- Themost optimistic investors March 2019 ’20 ’21 Jan. 2021 Feb. aim of spurring domestic pro- term plan to help the federal believe the economy, months duction while strengthening government prevent future afteritwas devastated by the Personal saving rate* HowU.S.households used their ties with allies. supply-chain problems.They pandemic,will bounceback in first stimulus checks Achip shortage is squeez- areseparately looking for a manner akin to the Roaring 40% ing automakers in the U.S. waystoease the backlog fac- ’20s. 36% Saved and world-wide,and Biden ad- ing U.S. automakers. Whyisthe market so vehe- ministration officials have mently optimistic right now? 30 been working with industry to Forone,the Federal Reserve free up supplies.Carsuse President has repeatedly signaled it chips fornumerous systems, Biden held up won’t raise interest ratessoon, RECESSIONS including engine management amicrochip 35% Usedtopay down debt most recently in Mr. Powell’s 20 and assisted driving. beforesigning testimonybeforeCongresson Wednesday’s executive or- an executive Wednesday. That promise der mandates a100-dayre- order on alone is apowerful elixir for 10 viewofsupply chains forfour supply chains. investors’ appetitefor risk,as areas: semiconductors, used in the market action the past two 18% Spentonessentials productsfromcarstophones; days shows. large-capacity batteries used In alettertoMr. Biden on Wednesday’saction high- 0 8% Spentonnon-essentials in electric vehicles; pharma- Wednesday, Sens.Marco Rubio lightssome of the investor be- 2001 ’05 ’10 ’15 ’20 3% Donated ceuticals; and rare-earth ele- (R., Fla.) and Chris Coons (D., havior that changed over the mentsthat arekey to technol- Del.) recommended he invoke past year and helped bring us ogy and defense. Mr. Biden is the Defense Production Act to Unemployment rate Civilian labor forceparticipation rate, to this point. Pandemic shut- also calling foraseparate, “incentivizeor, if necessary, seasonally adjusted downs led to massivebusiness one-year reviewofsupply requireAmerican companies disruption and asharp rise in 25% 68% chains covering six broader to retain their domestic capac- joblessness, prompting gov- sectors, from technologyto ities during this time.” ernment and central bank food production. MattBlunt,president of the stimulus that flowedquickly 20 66 “The American people American AutomotivePolicy into markets. should never faceshortages in Council, said oneway to help Theoretically,animproving 15 64 the goods and services they with thecurrent chip crunch economyand stimulus checks rely on,whether that’stheir would be forthe government should encourageconsumers car, their prescription medi- to work with supplierstogive to spend moremoney on 10 Broader† 62 cines or the food at the local priority to the autoindustry. goods and services.That in RECESSIONS turn could push up inflation. 5 Official 60 But skeptics caution that this cycle has playedout many Biden Overturns Virus times before. 0 58 Arise in breakeven rates 2016 ’17 ’18 ’19 ’20 ’21 2001 ’10 ’20 doesn’t necessarily translate Curbs on Immigration into a true and sustained rise *Rate is calculatedaspersonal saving as apercentage of disposable personal income in inflation over the long term. †The broader unemploymentrateincludes the unemployed, the underemployedand marginally attached workers. BY MICHELLE HACKMAN as aresult of the pandemic.A That’sespecially true when Sources: FactSet (DJIA); Our World in Data analysis of data from Centers forDisease Controland Prevention (vaccine doses); Commerce Department Wall Street Journal review via St.Louis Fed(savings rate); NewYork FedSurvey of Consumer Spending, June Special Module (stimulus); U.S. Bureau of Labor Statistics thereare still millions of (unemployment, labor force) WASHINGTON—President found the ban didn’t have the workerswho areeither under- Biden on Wednesday revoked intended effect: Jobs allotted employedorunemployed, and the assumption that we’rego- tomfor the foreseeable future. sharp decline from last most immigration restrictions to foreigners, typically in high- thus not in aposition to ramp ing to take savingsback to the That bodeswell forriskier as- month’shighs and perhaps re- that former President Donald skill roles as software engi- up spending. old normal? Or is this crisis setslikestocks,which investors starting one of the epic stock Trump imposed last year in neersorseasonal positions, Individuals who received a onethat’sgoing to unleash tend to find moreattractivein frenzies in recent memory. response to the Covid-19 pan- went unfilled. stimulus check last spring re- major frugality again?” alow-rateenvironment. Roaring marketsmight demic. Theban “harms the United ported using most of it to pay Thelabor market has im- Manyworkerskept their seem to suggest that investors TheWhiteHouse said it States, including by preventing down debt or to save,versus proved sincethe early days of jobs andlost their commute, are flush with cash to deploy wasrevokingpartsofaban certain family membersof spending on nonessential the pandemic. But if you look and used the extratime and and pricing in abetterfuture. that blocked entryintothe United Statescitizens and law- items.People have also been at it theway the Federal Re- money to put money in the Thereality might be lessexcit- U.S. to family members of U.S. ful permanent residents from saving moreoftheir dispos- servedoes,itisclear it still markets, just as Wall Street ing.Investorsinalow-rate citizens,some immigrants joining their families here,’’ able income than they did dur- has a long way to go. brokerages dropped their on- world oftenovercommit to with employment-based green the WhiteHouse said. “It also ing the financial crisis or dur- Thereal unemployment line stock commissions in a perceived opportunity and live cardsand winnersofthe di- harms industries in the United ing the short-lived recession rate,abroader measurethat gamble for market share. to regret it. By the same to- versity visa lottery. Mr. Biden Statesthat utilizetalent from of 2001. includes discouraged workers Theresult upended the past ken, we maynot be fully ap- has leftinplacerestrictions around the world.’’ Takentogether,the data and those only working part- decade’s obsession with slow preciating the waysthat hu- that blockthe entryoffor- Therevoked banapplied to suggest it is questionable time due to alack of other op- and steady index funds on its man behavior changed eignerswith several types of applicantsfor U.S. permanent whether therewill be arush tions,remains in the double- head. Some of the riskiest permanently because of the work-based visas including residency who are parents or amongconsumerstospend digit percentage range. stocks have become investor pandemic.That maybethe H-1B visa forhigh-skilled siblingsofU.S.citizens,along money oncethe economyfully Thelabor-force participa- favorites, fueled by investors enough to temper anyboom foreign professionals.That as- with applicantsfor several reopens.“We think there’svery tion rate has stayed stub- congregating on social-media theeconomyexperiences in pect of the ban is set to expire typesofemployment-based little risk to inflation of the bornly belowwhereitwas be- platforms such as Reddit’s the coming years. on March 31. permanent residencycards, likes of the ’70s,” said Liz Ann fore the great financial crisis. WallStreetBetsforum and “There’sthis viewthat we’re TheTrump administration, called green cards. Sonders, chief investment strat- Thedata, amongother Twitter. Bitcoin has risen over going to embark on amassive which imposed the ban on Theban also blocked tens egist at Charles Schwab&Co. points, show“the economic re- 1,100% from last year’s lows spending party and lifewill go most forms of legal immigra- of thousands of winnersofthe “Weknowthe financial cri- covery remains uneven and far because of the devotion of day back to normal,” said David tion in April and expanded it diversity visa lottery,apro- sis unleashed an erafor from complete,” Mr.Powell said tradersand the occasional ex- Rosenberg, alongtime Wall in June,said at the time it had gram that awards55,000 households of massivede- Tuesday. His concern about the hortation from social-media Street economist who is presi- been necessarytoprevent for- green cards a year to foreign- leveraging because of the pain labor market is among the rea- grandees likeElon Musk. dent and chief economist of eignersfromcoming to the ersfromcountries with low associated with it,” Ms. sons whythe Fedwill likely GameStop shares doubled Rosenberg Research. “I just U.S. and taking jobs when un- levels of immigration to the Sonderssaid. “Can we make hold interest ratesatrock bot- Wednesday, interrupting their don’t believethat.” employment had skyrocketed U.S.

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THE WALL STREET JOURNAL. **** Thursday, February 25, 2021 | A3 U.S. NEWS Housing Protesters Take to the Streets Over Decision Not to Charge Police in Man’s Death Market Feels Rise In Rates

BY ORLA MCCAFFREY

Mortgagerates reached their highest level sinceNovember last week,cooling off home purchase and refinanceapplica- tionsahead of the all-important spring selling season. Theaverage rate on the 30- year fixed-ratemortgagerose to 2.81% in the week ended Feb. 18,the highest sincethe second week of November,ac- cording to mortgage-finance giantFreddie Mac. Ameasureofmortgageap- plications fell 11.4% over the same week,according to the Mortgage Bankers Associa- tion. ImprovingCovid-19 vacci- nationrates in theU.S.and expectations of alarge federal stimulus packageinthe com- ingweeks drovebenchmark

10-yearTreasurynoteyields, CK

which areclosely tied to TO mortgagerates,totheir larg- est weekly gains in morethan amonth last week. SHUTTERS EFE/

Demand in safe-havenas- A- setssuch as government bonds weakens when inves- LANE/EP tors feel optimistic about the TIN

economy. JUS “Higher ratesare asignal CALL OUT: A Black Lives Matter march was held in New York City on Wednesday, a day after the state attorney general announced no charges would be brought of expectations of faster against the Rochester, N.Y., police officers involved in last year’s death of Daniel Prude. Mr. Prude died after officers restrained him and put a mesh hood over his head. growth and astronger job market ahead,” said MikeFra- tantoni,the MBA’schief econ- omist. “This last week,rates have turned faster than many people had anticipated.” TaxHikes on theTable in Some States Risingrates sometimes prompt borrowers to put their mortgageplans on hold fora BY KAREN LANGLEY In NewJersey,the drop was ersreporting morethan $100 is 9.85%. Mr.Walz,aDemo- coverthe budget deficit, though few weeks,Mr. Fratantoni 2.4%. With taxrevenue out- millioninincome would see a crat, also has proposed adding Mr.Cuomo has expressed con- said. Measures of purchase State officials acrossthe performing earlier projections, rate of 10.82%. AddinNew York atax at a1.5%rateonlong- cern that the income-tax in- andrefinanceactivity fell U.S. have grappled formonths Democratic Gov. Phil Murphy City’s toprateof3.88% and term capital gains and quali- crease could prompt high earn- 11.6% and 11.3%, respectively, with the budgetary effects of on Tuesday proposed making some residentscould facea fied dividends between erstoleave the state. in the week ended Feb. 19,ac- the coronavirus pandemic. afull payment to the state’s combined stateand city income $500,000 and $1 million and In Washingtonstate,where Now, some governorsare pro- pensionsystemfor the first taxof14.7%—the highest com- at a4%ratefor such income Democratsalso control both Average 30-yearfixed posing tax increases. time since1996.California has bined local taxrateinthe U.S. of more than $1 million. legislativechambers, aSenate mortgage rate,weekly Prominent proposals include done even better, with revenue LawmakersinNew York In Washingtonstate,which committeelast week approved calls to raise billions of dollars collections growing 1.2%. stateare also considering rev- doesn’t have an income tax, legislation that would taxcap- 3.8% acrossseveral states through While agovernor cancall enue proposals such as a Democratic Gov.Jay Inslee has ital gains in excess of taxesonthe income and capital on lawmakerstoraise taxes, mark-to-market taxonbillion- called foranew 9% taxon $250,000 at a 7% rate. 3.6 gains of higher earners. the odds of success forthe long-term capital gains above Theproposals could face Unlikethe federal govern- various proposals depend $25,000 forindividuals or steeperclimbs in Minnesota, 3.4 ment,statesgenerally can’t partly on which parties con- Calls to raise billions $50,000 fortaxpayers filing whereRepublicans control the borrow to plug budget holes. trol statelegislativechambers. joint returns. Senate, and Pennsylvania, Afteraccounting forexisting Additionally,Democratsin throughtaxes on And in Pennsylvania, Gov. which has Republican majori- 3.2 federal aid, states might need Congresshavepushed to in- income,capital gains TomWolf asked legislatorsto ties in both legislative cham- to come up with about $56 bil- clude money forcities and raise the 3.07% personal in- bers. GOP legislativeleadersin 3.0 lion in spending cuts or reve- states in an economic-recovery of higher earners. come-tax rate to 4.49% while both states have objected to nue increases to balance bud- package, which could shiftthe expanding atax-forgiveness the tax-increase plans. 2.8 gets through the fiscal year equation. credit. TheDemocrat’sadminis- Residents might want to that ends in June 2022, ac- New York Democratic Gov. tration says this combination think about realizing capital 2.6 cording to an estimatefrom Andrew Cuomo has proposed aires,which would require would result in higher payments gains beforeatax increase Moody’s Analytics. raising taxes for New Yorkers them to paycapital-gains forthe topone-thirdoftaxpay- hits the books. 2020 ’21 Budgetarypressures vary who report morethan $5 mil- taxesasassetsappreciate, ers. Theproposal would raise “I would seriously consider Sources: Freddie Mac greatly,despitecalls formore lion in income as part of a even if they don’t sell. taxesfurther down the income selling some of my stocks right federal aid in general and tax plan to coveraprojected bud- In Minnesota, Gov.Tim spectrum than would plans in now, enjoying my gains,” said cording to MBAdata. hikes in some locales. In New getdeficit. Currently,the Walz has called forcreating a some other states: Asingle tax- Mark Klein, chairman of the If mortgagerates beginto York,state revenue collected state’s top income-tax rate is top income-tax rate of 10.85% payerwithout dependentswho lawfirm Hodgson Russand a increase at afaster pace, from April through December 8.82%. Thegovernor’s pro- forincome above$1million earns $49,001 or higher would specialist in multistatetaxation some borrowers could be dis- 2020 was4.1% lowerthan in posalwould add surcharges formarried couples filing paymoreunder the plan. issues.“Iknowthe market is couraged from attempting to theyear-earlier period, ac- forthree yearstofivenew tax jointly and above$500,000 for In NewYork,Democratic leg- high and Iknowthat taxes buyahome during the crucial cording to datafromthe Ur- brackets for top earners. single filers. Currently,the islativeleadershavesaid they aren’t going down either at the home-selling months of March ban Institute think tank. At the highest level, taxpay- state’shighest income-tax rate were open to raising taxesto federal level or the statelevel.” through June. In atypical year,morethan 40% of annual home sales are made during this period, ac- Net-Neutrality Law cording to the National Asso- ciation of Realtors. Still, ratesremain histori- Upheld in California cally low, and morepeople are applying forpurchase mort- gagesand refinances than at BY DREW FITZGERALD “zerorating,” an industry the same time in 2020. practiceofproviding some Last year wasabanner one Afederal judgerejected a data free of charge while bill- forthe housing market, telecommunications-industry ing foronline traffic from thanks in large part to mort- challenge to California’s two- other sources. gage rates, which fell below year-old net-neutrality law, Acoalition of telephone and 3% forthe firsttime last sum- clearing the way for the state cable companies immediately mer. to begin enforcing the con- opposed the rule and the Mortgagelendersorigi- sumer protections. Trump administration’sJus- natedarecord$3.6trillion Thelaw’s supportersar- ticeDepartment sued to block REUTERS

worth of mortgages last year, G/ gued that stronger protections it. The administration argued according to the Mortgage fornet neutrality—the princi- that newrules passed by aRe-

Bankers Association, an in- SENBER ple that cable and wireless publican-led Federal Commu- crease of morethan 50% from RO companies should treat all on- nications Commission not only NE

2019. JA line content under consistent repealed federal net-neutrality Refinancesaccounted for The rock star, shown in a court sketch, said he drank two small shots of tequila in a federal park. standards—will protect the in- protections but also pre- about 59% of that volume. ternet’s open nature and pre- empted the kind of regulations With the 30-year rate near vent telecom companies from California had sought on a 2.81%, between 16.7 million Springsteen DUIChargesTossed picking winnersand loserson state level. and18.1million Americans the web. Internet-servicepro- TheJusticeDepartment un- could lowertheir monthly BY BEN CHAPMAN chargedwith consuming alco- Mautone asked when he would viderssaid the rules areun- der President Biden dropped mortgagepaymentsthrough a hol in a closed area. pay the fine. necessaryand interfere with itschallengetothe statelaw refinance, according to mort- Federal prosecutorsinNew During ahearing Wednes- The Jeep commercial star- reasonable businesspractices. this month, giving California gage-datafirm Black Knight Jersey said Wednesdaythey day, prosecutorsfromthe U.S. ring Mr.Springsteen aired Thedecision from U.S. Dis- officials another boost. Inc. were dropping drunken-driv- Attorney’s Office for the Dis- during the Super Bowl earlier trict Court JudgeJohn Men- TheBiden administration Lissette Gomezwill close ingchargesagainst musician trict of New Jersey said they this month. Days later the ad dezdenied an injunction also namedDemocrat Jessica this week on anew loan that Bruce Springsteen. were dropping the two driv- was pulled from YouTube fol- sought by trade groups repre- Rosenworcel, alongtime advo- lowers the mortgagerateon Following the announce- ing-related chargesbecause lowing reportsofthe musi- senting the country’slargest cate of open internet rules,as her Cleveland-area condo to ment, Jeep said it would re- testsshowedMr. Springsteen’s cian’s arrest. cable and wirelesscompanies. acting chairwoman of the FCC. 2.75%from4.125%. Ms. post itscommercial starring blood-alcohol level wasunder “Aswestatedpreviously, Theruling means officials Theagency’snew leadership Gomez, aspecial-education Mr.Springsteen that it had the legal limit. Federal Judge we paused the commercial un- could start enforcing the rules could writenew rules restoring teacher,said she decided to pulled from YouTube afterhis AnthonyR.Mautone subse- til the facts were established. within weeks absent other le- some of the Obama-eraregula- refinanceafter she watched arrest on the chargescame to quently dismissedthe two Now, that the matterhas been gal challenges. tions,but apartisan deadlock her boyfriend getamuch light earlier this month. charges during the hearing. resolved, we areunpausing California legislators passed in the normally five-seat com- lowerrateonhis mortgage. Mr.Springsteen was ar- During the hearing,Mr. the film,” aJeep spokeswoman the lawin2018.The statepro- mission makes such rule-mak- “Everybody wasgetting the rested on Nov.14by federal Springsteen pleaded guilty to said Wednesday. tections followedthe spirit of ing unlikely in the near term. word,especially in the second law-enforcement rangersin the thirdcharge of consuming Mr.Springsteen, 71 years federal rules writtenduring A spokesman for the trade half of 2020,that the rates Gateway National Recreation alcohol in aclosed area. Judge old, didn’t speak during the the Obama administration, by groups that challenged the law were super low,” Ms.Gomez Area. He had faced chargesof Mautone imposed a$500 fine hearing except to address at- barring internet servicepro- said the coalition hasn’t yet said. “I wanted to refinance operating a vehicle under the for the charge. torneysand JudgeMautone. vidersfromblocking access to decided on itsnextsteps.The when people were jumping on influenceofalcohol and for “I thinkIcan paythat im- He told the judgethat he lawful websites or slowing lawcould go intoeffect within it, and the numberswereas reckless driving, according to mediately,your honor,” Mr. drank two small shotsofte- connections to certain webdo- a month if it isn’t challenged lowasthey’veeverbeen.” prosecutors. He wasalso Springsteen said when Judge quila in the park on Nov. 14. mains.The lawalso banned again. P2JW056000-4-A00400-17FEFF5178F

A4 | Thursday, February 25, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Nominee Struggles forSupport CIA ChoiceVows With Tanden’sbid to To Focus on China head OMB in jeopardy, some claim lackluster BY WARREN P. STROBEL rent and former officials said. “We’veheardanumber of WhiteHouse response WASHINGTON—President concerns,” said Sen. Mark Biden’spick to lead the Central Warner,(D.,Va.), the commit- BY ELIZA COLLINS IntelligenceAgencytold law- tee’schairman. He urgedMr. AND ANDREW RESTUCCIA makershewould intensifythe Burns to reinforce the spy spy agency’sfocus on China, agency’scredo that “no matter WASHINGTON—Sen. Bernie calling “anadversarial,preda- the political pressure, no mat- Sandersnever gotaheads up. tory Chinese leadership” the terwhat—CIA’s officerswill Therewas no campaign to U.S.’s “biggest geopolitical test.” always do the right thing and pressureSen. JoeManchin to Speaking at his confirma- speak truth to power.” changehis mind. And the tion hearing Wednesdaybe- Thenominee told the panel phones didn’t immediately ring fore the SenateIntelligence that he would, but noted that in the offices of key SenateRe- Committee, veteran diplomat delivering bad news,via intel- publicans when it became clear William J. Burns said gather- ligenceassessments, to the the WhiteHouse needed them. ing intelligenceonChina presidentand other senior From the moment JoeBi- would be a priority if he was policymakers“is ofteneasier

den said that NeeraTanden, OL confirmed by the full Senate. said than done.”

theleader of the Center for PO “For CIA,that will mean in- Mr.Burns said that, along S American Progress, would be tensified focus and urgency— with China, his priorities

his nominee to lead the Office /PRES continually strengthening its would be the impact of tech- of Management and Budget, already impressivecadreof nologyonCIA operations; the

veterans of Washington’scon- HARNIK China specialists, expanding agency’s workforce; and part- firmation wars knew she itslanguageskills,aligning nerships with other U.S. and

would be atarget because of ANDREW personnel and resource alloca- allied intelligence services. her historyofoutspoken criti- NeeraTanden needs at leastone Republican vote given the opposition of Sen. Joe Manchin (D., W.Va). tion forthe long haul,” Mr. He acknowledged obliquely cism, mostly on Twitter, of Burns told the committee. that “ubiquitous technological Senate Republicans and some ateam that promised to bring about the nomination over the Tuesday, and said that some Acongressional review last surveillance” has made it harder liberal Democrats. At the time, Capitol Hill savvy back to the subsequent weekend, accord- Republicans had opted not to year found that the CIA and forCIA officerstooperateclan- Josh Holmes,aformer chief of West Wing. ing to the lawmakersand their meet with her.Administration otherintelligenceagencies destinely—traveling,recruiting staff to then-Majority Leader “Thiswas astrategic mis- aides. A person familiar with officials have also reached out have been tooslowtoadapt to spies and meeting sources. Mitch McConnell (R., Ky.), read toptobottom. TheWhite the mattersaid Democrats to 28 Senateoffices about the China’seconomic,militaryand On China, Mr.Burns told called her a“sacrificetothe House took forgranted that reached out to Mr.Portman nomination sinceFriday. technological challenge, and Sen. Ben Sasse (R., Neb.) that confirmation gods.” they had 50 votes. And Neera over the weekend on behalf of “Asthe president repeated remain overly focused on ex- he had “no neat formula to of- NowMs. Tanden’snomina- Tanden had no goodwill in the the White House. yesterday, we’refighting for isting threatssuch as terror- fer” on howmuch to rebalance tion appearstobeinperil, af- bank to draw from when Ms.Collins and Messrs. her nomination and she and ism and adversaries’ conven- CIA spending and personnel tertwo Senatecommittees de- thingsstarted to go sour,” said Romneyand Portman, who is a our team remain in close con- tional military assets. on international terrorism, layedconfirmation votesthat a Senate GOP aide. former OMB director,said tact with senatorsand key Mr.Burns,aformer deputy whichremains athreat, with had been scheduled for To clear the full Senate, Ms. Monday they opposed the nom- constituencygroups,” White secretaryofstate and ambas- an increased focus on Beijing’s Wednesday morning. The Tanden would need to win the ination.Ms. Murkowski hasn’t House presssecretaryJen sador to Jordan and Russia, re- global plans and actions. WhiteHouse has continued to supportofatleast one Repub- yetsaid howshe will vote. Psaki said on Wednesdayafter- ceived plaudits from both Dem- TheU.S., he said, needs to expresssupport forher as it lican afterMr. Manchin, a Mr.Romney and Mr.Port- noon, referring to Ms.Tanden. ocratsand Republicans on the “buckle up forthe long term scrambles to find enough votes West Virginia Democrat, said man had spoken to Ms. Mr.Manchin, acentrist committee, which is expected and develop averyclear-eyed, to movethe pick forward. on Fridaythat he would op- Tanden previously; Ms.Col- Democrat who previouslyvoted to approvehis nomination and bipartisan strategy” toward Theadministration has ap- pose her nomination.The Sen- lins’sofficedeclined an earlier to confirm some of former send it to the full Senate. China. proached her confirmation ate is divided evenly between request to meet with Ms. President Donald Trump’scon- Sen. Ron Wyden, (D., Ore.), Sen. Marco Rubio (R., Fla.), fight largely thesame way it Republicans and Democrats, Tanden, according to people troversial nominees,said this who is oftencritical of intelli- the panel’sRepublican vice dealt with lesscontentious and Vice President Kamala familiar with the matter. Mr. week that the riot at the Capi- gence agencies, echoed other chairman, asked the nominee nominees: setting up introduc- Harris can break a tie. McConnell urgedhis caucus to tolonJan. 6 further reinforced senators’ praise andsaid the about ties the Carnegie En- tory meetingswith senators, Sens.Susan Collins (R., stick together in opposing Ms. his approach to governing.He hearing risked veering into“a dowmentfor International touting endorsementsfrom Maine), Lisa Murkowski (R., Tanden on Tuesdayduring a couldn’t support someone full-fledged bouquet-throwing Peacethink tank,whereMr. outside groups and issuing Alaska), MittRomney (R., caucus lunch, said aperson fa- whom he viewedaspolitically contest.” Burns has been president positivepublic statements Utah) and Rob Portman (R., miliar with the meeting. toxic at atime when he wanted Mr.Burns,64yearsold, since2014, has had with about her career. Ohio) were seen as possible WhiteHouse aides and oth- both parties to come together. would take over the CIA after China. Among those,Mr. Rubio Over theweekend, onceit persuadable votesonMs. ersinvolved in the processdis- On Wednesdayafternoon four tumultuous yearsinsaid, were a partnership with became obvious that Ms. Tanden’s nomination. puted that they hadn’t done Mr.Manchin announced his which former President Donald Tsinghua University and the Tanden’snomination wasin However, afterMr. Man- enough, noting that Ms. support for Rep. Deb Haaland Trump frequently publicly crit- China-U.S. Exchange Founda- serious trouble,lawmakers chin’sFridayannouncement, Tanden has been in touch with (D., N.M.), Mr.Biden’spick for icized U.S. intelligenceagen- tion, which critics sayisa and aides say they saw scant none of thosefour Republi- 44 senatorsofboth parties,in- Interior secretary. Mr.Man- cies’ assessmentsonRussian front for Chinese Communist evidence of an intensive cam- cans heardfromthe White cluding conducting 15 calls chin previously said he was election interference, North Party influence efforts. paign to salvagethe pick from House or Ms.Tanden’steam with senatorsfromFridayto undecided. Korea’sintentions,Iran’snu- Mr.Burns said he inherited clearweapons and other is- the latterrelationship when he sues.Morale suffered and took over as the endowment’s Biden NamesThree to Postal Board some senior officersleft, cur- president, and ended it.

BY THOMAS GRYTA stitute, anonprofit that advo- and Republican donor who He also apologized forpoor AND ANDREW RESTUCCIA catesfor improved mail-in vot- wastapped by the boardfor servicelevelslast year and

ing; and Ron Stroman, aformer the position last year. cited2020’sperformancein GES

WASHINGTON—President deputy postmaster general. Democratshaveurged Mr. arguing that the postal service IMA Biden announced three nomi- If confirmed, they will fill Biden to fill the vacant board needs deep changes. nees to the U.S. Postal Ser- three vacant seatsonthe nine- seatsinhopes that the new Mr.DeJoy has spearheaded GETTY vice’sBoardofGovernors, say- member board, which currently picks would help oust Mr.De- ayet-unreleased plan to re- SE/ ing they would make sure the has six appointees of former Joy amid criticism over mail- structurethe entireorganiza- agency“caneffectively and ef- PresidentDonald Trump,two delivery delays. tion to boost itsfinancial per- ANCE-PRES

ficiently serveall communities of whom areDemocrats. The During Wednesday’shear- formanceand improveits FR in our country.” postmaster general serves at ing Mr. DeJoy was asked how serviceover10years. The Thepresident said Wednes- thepleasureofthe board. long he planned to stay in his Postal Service, which funds its GENCE /A

dayhewas nominating Anton Theannouncement came as post. “A long time.Get used to own operations, lost $9.2 bil- MS Hajjar,aformer general coun- the House Oversight and Re- me,” he responded. After one lion in 2020 and faces an out-

sel of the American Postal form Committeeheardtesti- committee member called for cryoverwhat manypostal WILLIA M

WorkersUnion; Amber monyWednesdayfromPost- his ousting, he said: “I would customershavesaid is itsdis- TO McReynolds,chief executiveof master General Louis DeJoy,a suggest that will not solve mal delivery-serviceperfor- William J. Burns received plaudits from both Democrats and the National Vote at Home In- North Carolina businessman your problems.” mance in recent months. Republicans on the Intelligence Committee on Wednesday.

not important enough, or not do what you like or you don’t senterstokeep him off the fi- McKinsey contributing to agreater good, have to be governed by acom- nal ballot. the firm would take apass. pliance regime.” His failuretomakeittothe “It’scoretoits ethos to de- Thefirm’srecent opioid second and final round of vot- Leader cline work,” the person said. settlement fornearly $600 ing leavestwo other senior But in the years preceding million also drew opposition partnersinthe running to suc- Mr. Sneader’s ascent, McKin- from some non-U.S.partners ceed Mr. Sneader: Bob Stern- Voted Out sey undertook a rapid expan- who were morewilling to fels and Sven Smit,senior sion. Thefirm sought new fight, people familiar with the partnersinMcKinsey’s San ways to grow, and with a de- mattersaid. Mr.Sneader’s let- Francisco and Amsterdam of- ContinuedfromPageOne centralized management tertoemployees about the fices, respectively. lion settlement with states structure, therewerefew pro- opioid settlement wasnotice- McKinsey senior partners over itswork advising Oxy- tections in placepreventing an ably blunt in criticizing the will decide on whether Messrs. Contin maker Purdue Pharma ambitious partner from taking firm’sbehavior.Hewrote that Sternfels or Smit will succeed It’s notjustaboutcoloringapage... LP andother drug manufac- on lucrative, if problematic, the firm fell short of its stan- Mr.Sneader in afinal voting It’s aboutshowing your true colors. turers to aggressively market clients, the person said. dards and “did not adequately round, which is expected to opioid painkillers. Under Mr.Sneader,the acknowledgethe epidemic un- take placeinMarch, people Thefirm has also drawn firm’stop partnershad to ap- folding in our communities or closetothe mattersaid. Mr. scrutinyoverits work with e- provecontroversial newcli- the terrible impact of opioid Sternfels is seen as a protégé cigarette maker Juul, as well ents, and McKinsey said it misuse and addiction, and for of Dominic Barton, who ran as some autocratic foreign wouldn’t servedefense,intelli- McKinsey from 2009 to 2018 governments, including Saudi gence, justiceorpolicing insti- and wascredited with acceler- Arabia.InDecember,itcame tutions in nondemocratic ‘He certainly ating its growth. to asettlement with Justice countries.This made it poten- Among the simmering is- Department watchdogsover tially harder fornon-U.S.part- introduced ... higher sues that Mr.Sneader dealt howthe firm discloses poten- nerstotakeonsome clients, levels of due with wasMcKinsey’s work tial conflictsofinterest.In and was seen as a centraliza- with e-cigarette maker Juul. In both the opioid and disclosure tion of poweraway from part- diligence.’ 2019, a former Juul employee settlements, McKinsey admit- ners, according to people fa- said in acourt filing that, even ted no wrongdoing. miliar with operations. as the companysaid it wasre- Much of Mr.Sneader’s re- In an interviewwith the moving flavored products sponse to those crises has Financial Times published that I am deeply sorry.” from the market, McKinsey Aplace to become... An artist,abusinessleader, a amounted to moving McKinsey this week,Mr. Sneader said Some partnersfelt that lan- advised it to sell mint-flavored teacher. If kids andteens candream it,Boys&Girls Clubs from aculturethat relied on thefirm’sclient servicerisk guagewas toostrong and that nicotine pods. canhelpthembecome it.Because at our Clubs,it’snot individual partner’s judgments committee, which assesses McKinsey’s advicetoclients TheNew York Times and magicthatmakes dreams come true,it’sthe people.Likeour to one based on systems,rules anypieceofnew work that waslegal and given in good ProPublicareported that year YouthDevelopment Professionalswho ensure our youth have and processes,fueling dissent might raise flags, reviewed faith, people familiar with the that McKinsey also helped U.S. aplace to feel physically andemotionally safe.Aplace to within itssenior ranks,people morethan 2,000 businessen- matter said. Immigration and Customs En- belong.Aplace to have fun. Aplace to learnand grow on their familiar with themattersaid. gagementsin2020. The power shift highlights forcement with changes includ- path to aGreat Future. Itspartnershavehistorically “He certainly introduced the complexity of running a ing cutting food and medical enjoyedwide latitude over higher-riskprotocols; higher global partnership firm. As spending fordetainees and their work and clients. levels of due diligence; red global managing partner, Mr. hastening deportations.Inad- Historically,the McKinsey lines about serving the public Sneader wasmoreafirst dition to the Saudi govern- businessmodel “hinges on hir- sector in some countries,” a among equals than achief ex- ment, McKinsey did work for ing the best people to do the person familiar with the mat- ecutive, and his reforms were the Chinese government and most important work at apre- ter said, adding that partners approved by senior partners. held aretreat 4miles from a mium price,” said aperson in Mr.Sneader’s camp believed But when he wasupfor re- camp whereUighurs, members GreatFutures.org who spent yearsatthe firm. If it was“not feasible to go back election foranother three-year of aMuslim minority,werein- apotential client wasdeemed to an erawhereyou canjust term, there were enough dis- terned, the Times reported. P2JW056000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, February 25, 2021 | A5

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A6 | Thursday, February 25, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS Bolstering GasSystem Is No Easy JobinTexas

State and industry week’s fiasco, with Gov. Greg agencyisn’t planning to re- Abbottproposing that the quireoil-and-gas companies to officials show little costsbesubsidized by the winterize their equipment. appetite to strengthen state. But so far,they have Instead, he said the root made no similar proposals to cause of the gasshortagewas delivery infrastructure harden the state’slatticework powercutsmandated by the of wells,pipelines and other state’spowergrid operator, BY COLLIN EATON oil and gas infrastructure. the Electric Reliability Council AND CHRISTOPHER M. MATTHEWS ThefailureofTexas’ gasin- of Texas,orErcot, that leftoil frastructure to deliver the ex- fields in the dark.Alot of oil- Natural-gas shortages were pected amountsofsupplies ex- field equipment runs off elec- amajor culprit in the black- posed adangerous vulnerability tricity from the stategrid and outsthat leftmillions freezing forafuel the oil industry shut down during outages, in thedark in Texas last week, claims is morereliable than ri- causing some of it to freeze. but making the deliverysys- valsources. “Without power, it’shardto temmoreresilient promises to Addressing that vulnerability generategas or oil,” Mr. be expensiveaswell as politi- would involveexpensiveand Wright said. While generators cally challenging. complicated solutions.The are often used in drilling and Texas is normally flush with statecould trytoforce compa- fracking wells, it was difficult gas, as the nation’slargest nies to retroactively winterize to getgeneratorstoexisting producer.But both production gasinfrastructuretowithstand wells that were knocked off- and powergeneration from futurestorms,aturnabout in a line during the freeze, he said. gas dropped by about a third statewith alight regulatory On Feb. 17, Dan Woodfin, a last week during an unusually touch. Officials could also push senior director at Ercot, said strong winter storm that powerplantstoshoreuptheir some generators starting two caused demand forpowerand supplies of gas, something that days beforewereunable to get heat to surge. could runcounter to Texas’ enough gas because of issues Freezing waterand black- laissez-fairepowermarket. stemming “all the way back to outswreaked havoconevery- Some Texas officials areal- the wellhead.” thing from wells in the prolific ready resisting moreregula- “We had a lot of wellheads Permian Basin to pipelines and tion.Jim Wright, amember of freezing up so the gas wasn’t regional storagefacilities that the Texas Railroad Commis- able to come out of the ground feed powerplantsacrossthe sion, which regulates the oil- and get into pipes in order to state. Theresulting gasshort- and-gas industry, said the makeittogeneration,” Mr. age sent prices soaring and Woodfin said. disadvantagedpowerplants Percentage change in output Last week,gas production that purchase daily fuel sup- of natural gas from Permian in Texas fell from around 21 plies on the spot market. processing plants sinceJan. 1 billion cubic feet of gastoless Thestate’s gasinfrastruc- than 14 billion, according to tureand powergeneration 20% energy consulting firm Wood failed forsimilar reasons: Nei- Mackenzie.Spot prices in S ther is designed to perform in 0 Houston climbed morethan PRES

subfreezing weather,unlike 12,000% to $400 per million UMA similar equipment in parts of British thermal units, accord- /Z

the U.S. wherecolder tempera- –20 ing to Natural Gas Intelligence. UER tures are more common. Meanwhile,gas-fired power LA LPH

Engineerssaid Texas gas generation, the biggest source RA –40 production wasslowedbylow of Texas’ electricity,fell about A natural-gas pipeline running through the area of a power-switching station in West Fort Worth. temperatures that froze water 31% to about 30 gigawatt produced alongside oil and gas –60 hoursonFeb.15, as demand dozenprocessing plantstopipe- SarahSandbergsaid. take newregulations for oil- and entered oil-field tanks. soared above70gigawatt lines fell by acollective85%, ac- Protecting oil fields,pipe- and-gas companies to invest in Compressorsthat help move hours. Roughly 8.3gigawatt cording to Wood Mackenzie. linesand processing facilities protecting their assetsfrom oil and gas through pipelines –80 hoursofcoal, nuclear and Four gasprocessing plants from freezing temperatures is a rare subfreezing temperatures, also became inoperable be- wind generation also went off- owned by DCP Midstream Part- multibillion-dollar investment said Frank Lomax,anadjunct cause of the cold weather. –100 line,according to the Energy nersLPwent offline as gasvol- that companies have little in- professor at Cornell University. Texas stateleadershave Information Administration. umes dropped and outages left centivetomakeinastate with “It’snot likethese guys are called for the electric system Jan. 2021 Feb. In the Permian Basin, gas the companyunable to maintain relatively infrequent freezes. going to voluntarily put in to be winterized following last Source:Wood Mackenzie moving from morethan two operations,spokeswoman It would almost certainly backup generators,” he said.

cellphone service. Thesystem aged 13% higher than the na- arepaying toomuch for laissez-fairemarket design re- industry trade group, said re- Texas Shift would be an improvement tionwide rate,according to the power, critics said. warded companies that could tail providers give customers over monopoly utilities,which Journal analysis. The push to deregulate the sell electricityinexpensively access to morechoices than have little incentivetoinno- An NRGEnergy Inc.repre- electricity-supply market in and still recover their capital manystandardutilities.Cus- Is Costly to vate and provide betterser- sentativesaid comparing basic Texas and elsewherebegan in costs. But it provided little in- tomersalso typically can vice to customers, supporters electricity services to the “vast the 1990s amid similar efforts centivefor companies to switch plans, she said. of deregulation said. scope of plans” offered by re- in airlines,naturalgas and spend on infrastructurethat Texas is home to the two of Customers “Ifall consumersdon’t ben- tail providersinTexas “isin- phoneservices.Leading the could protect powerplants the nation’s largest retail-en- efit from this,wewill have compatible” because retail charge wasEnron, the Hous- during sporadic severe cold ergy providers, VistraCorp. wasted our time and failed our companies have services such tonenergy companythat went snaps. and NRG. In January, NRG ContinuedfromPageOne constituency,” then-stateSen. as renewable energy and en- bankrupt in 2001 amid revela- Catherine Webking,general completed its$3.6billion pur- Information Administration. David Sibley,akey author of ergy-management tools.Cus- tions of widespread fraud. counsel for the Texas Energy chase of retail-energy provider Thecrisis last week was the bill to deregulatethe mar- tomerswho want the lowest Forpowergenerators, the Association for Marketers, an Direct Energy, which doubled driven by the powerproduc- ket, said when the switch was priced electricity “can find it in the number of NRG’sretail ers. Nowthat powerhas firstunveiled in 1999.“Compe- the competitivemarket, and if Pricey Power customerstosix million. largely been restored,atten- tition in the electric industry they want additional services, About half of itsretail custom- Since2004,Texanswho had to choose their electricity provider tion has turned to retail elec- will benefit Texans by reduc- they canmakethat choice,” ers are in Texas. from competing retailerspaid $28billion morethan theywould tric companies,afew of which ing monthly rates,” then-Gov. the representativesaid. Vistra’slargest Texas retail have paid at the rateschargedbythe state’straditional utilities. arehitting consumerswith George W. Bush said that year. The Texas Coalition for Af- subsidiary, TXUEnergy,and steep bills.Powerprices TheEIA datashowhow fordable Power, agroup that Texaselectricity prices,yearly Total extracostfor retail NRGhavesaid their customers surgedtothe market pricecap much electricity each utility or buys electricity for local gov- wouldn’t be hit by spiking of $9,000 amegawatt hour for retail provider sold to resi- ernment use,produced similar $0.15 per kilowatt hour $4 billion prices because their electricity several days during the crisis, dentsinagiven year and how findingsinastudy of power plans aren’t tied to short-term afeatureofthe state’ssystem much customerspaid forit. marketsand concluded that price swings. designed to incentivizepower TheJournal calculated sepa- high statewide prices relative 3 Tim Morstad, associate plantstosupply morejuice. rate annual statewide ratesfor to the national average“must 0.10 statedirector of AARP Texas Some consumerswho chose utilities and retailers by add- be attributed to the deregu- andacritic of retail-energy variable-ratepowerplans from ing up all of the revenue each lated sector of Texas.” Retail providers 2 suppliers, said he expects retail powercompanies are type of provider received and In other states that allow many retail customers to suf- Traditional utilities seeing the big bills. dividing it by the kilowatt- retail competition forelectric- 0.05 ferincreases in their rates. None of this was supposed hours of electricity it sold. ity, customershavethe option 1 Most vulnerable, he said, are to happen. Backers of compe- From 2004 to 2019,the an- of getting their power from a customers of retail providers tition in the electricity-supply nual rate forelectricity from regulated utility. The absence with variable-rateplans. “The businesspromised it would Texas’ traditional utilities was of an incumbent utility in 0 0 prices are definitely going to lowerprices forconsumers 8% lower, on average, than the partsofTexas that allowretail increase,” he said. “For those who could shop around forthe nationwide averagerate, while competition makes it difficult 2005 ’10’15 ’19 2005 ’10’15 ’19 on variable contracts, they’ll best deals, just as they do for rates of retail providers aver- forconsumerstoknowifthey Source:Wall Street Journal analysis of U.S. Energy Information Administration data feel the pinch sooner.” U.S. WATCH Grid Was Minutes ECONOMY “will bring order and humanity to our immigration enforcement From Complete Failure Biden Adviser Sees system,” and that the court’s rul- Gradual Recovery ing still allows it to revisit the Trump administration’s practices. BY KATHERINE BLUNT Ercotattempted to stabilize Economic activitywill pick up —Brent Kendall AND RUSSELL GOLD it by ordering the state’selec- as the pandemic recedes and tricity providerstocut 5giga-

Americans arevaccinatedagainst S GULF COAST TheTexas electric grid was wattsofpowertocustomers

Covid-19, but the recovery will be PRES minutes away from acomplete to reducestrain on the sys- gradual rather than sudden, atop Amtrak to Resume failurelast week as amajor tem. It wasbarely enough to TED economic adviser to PresidentBi- Service Next Year winter storm triggered black- avert acrisis,Mr. Magness OCIA

den said Wednesday. SS outs that leftmillions in the said.Just before2a.m.,the

“It is a dimmer switch, not an /A Amtrak has told freightrail- dark,the chief executiveofthe frequency of the grid fell sig-

on-off switch,” Jared Bernstein, a RING roads it intends to resume ser- grid operator said. nificantly belowthe normal

member of the White House ON vicenext year along the northern Bill Magness, chiefexecu- level of 60 hertz. The system

Council of Economic Advisers, WILS Gulf Coastbetween NewOrleans tive of the Electric Reliability stayed below60hertz forlon- said at a Wall Street Journal Ex- DESTROYED: A fire tore through Middlesex United Methodist and Mobile, Ala., forthe first Council of Texas,orErcot, gerthan 4minutes until Ercot ecutive Membership Series Church in Vermont on Wednesday. There were no injuries. time sinceHurricane Katrina, a said Wednesday that the grid ordered additional blackouts. event. spokesman said Wednesday. operator came dangerously Nine minutes in such condi- Mr. Bernstein defended the TEXAS late Tuesday night, said the ad- The plan, earlier reported by closetolosing control of the tions could have been enough president’s $1.9 trillion stimulus ministration hadn’t offered a al.com, would include tworound system overnight on Feb. 15, to damagepowergenerators plan against critics who say it Judge Again Blocks reasonable explanation for an trips daily with stops in four as itsoperating frequency and other equipment, result- risks overheating the economy Deportation Pause across-the-board pause that left Mississippi cities: BaySt. Louis, dipped to unsafe levels. inginuncontrolled outages and generating inflation. He ac- little room for considering depor- Gulfport, Biloxi and Pascagoula, Theproblem started around that could have caused the knowledged that a rising infla- A federal judge issued a sec- tations on a case-by-case basis. according to aspokesman. 11 p.m. on Feb. 14 as power whole grid to fail. tion rate is a potential risk, but ond ruling that blocked the Bi- The Biden administration on Passenger trains lastserved generators—from wind tur- “That is thething we can- that a weak recovery that leads den administration’s planned Jan. 20, its first day, announced the coastal region beforeKatrina bines to coal- and gas-fired not allowtohappen,” Mr. to scarring for households and 100-day pause on most deporta- the 100-day deportation morato- badly damaged tracksand other power plants—tripped offline Magnesssaid. “Ifwehavea businesses—such as long-term tions, saying the approach was rium, and the Department of railroad infrastructurein2005. amid plunging temperatures. blackout of the system, the unemployment, foreclosures and legally flawed. Homeland Security began en- Freighttrains resumed running in Within three hours, morethan system is outfor an indeter- bankruptcies—would do more U.S. District Judge Drew B. forcing the pause on Jan. 22. the area after repairs, but Am- 35 gigawattsofcapacity was minateamount of time and it’s harm. Tipton of the Southern District A White House spokesman trak didn’t. unavailable,causing the grid’s extraordinarily difficult to —Kate Davidson of Texas, in a decision issued said the Biden administration —Associated Press operating frequency to fall. bring it back.” P2JW056000-0-A00700-1------NS

THE WALL STREET JOURNAL. NY Thursday, February 25, 2021 | A7 U.S. NEWS Moderna Rolls Out DosestoFight NewStrain

BY PETER LOFTUS could start within weeks. Pfizer Inc.and Johnson &John- than ashorter push to end the ceived two doses of Moderna’s cerns until this pandemic is Thenew vaccine,code- son have said they aretweak- pandemic onceand forall. original Covid-19 vaccine will fully under control,” Mr.Bancel Moderna Inc.said it has named mRNA-1273.351, is de- ingtheir vaccines or working Staying ahead of an evolv- be given the newshot, and re- said. TheNIH didn’t respond made the initial batch of doses signed to bettermatch thevi- on boosters that bettermatch ingvirus,health expertssay, searcherswill track the vac- to arequest to comment. of a new Covid-19 vaccine de- rusvariant that was first variants. Older vaccines don’t could provecrucial to permit- cine’ssafety and ability to in- Moderna produced doses signed to better protect peo- identified in South Africa but appear to work as well against ting schools,businesses and duce an immune response to for testing about a month af- ple against anew strain of the has since spread elsewhere. the strain firstidentified in otherestablishmentstore- the newvariant, Moderna said. teritfirst said it would de- coronavirus that has shown Moderna, which makes the South Africa, and difficult new open and to easing other pan- If test results are positive, velop amodified vaccine some resistancetothe com- second Covid-19 shot autho- strains could also emerge. demic restrictions. Moderna will seek U.S. regula- against the newvariant. Mr. pany’s original vaccine. rized in the U.S.,might be the Thechase marks anew Covid-19 vaccines from other tory authorization forthe new Bancel had said the company TheCambridge, Mass.,com- firstvaccine maker to have phaseinvaccine research to companies have shown reduced vaccine,which could happen could move quickly to make a panyonWednesdaysaid it finished the laboratorywork fight off the coronavirus,indi- efficacyinstudies in South Af- in the third quarter, Chief Ex- variant-focused shot, because shipped the newshotstothe of designing a shot targeting cating that the effort could shift rica, and Moderna’svaccine ecutiveOfficer Stéphane Ban- the messenger RNA technol- National Institutes of Health to variantsthat started spread- intoalong-running contest be- had amoremuted effect celsaid in an interview. ogyituses allows rapid design conduct the firsthuman study ing swiftly late last year. tween achanging virus and against the variant in lab tests. “Moderna is going to keep and quick manufacturing of of the variant vaccine,which Other companies including shotsthat cankeep up,rather People who previouslyre- chasingthose variantsofcon- new or modified vaccines.

shot also doesn’t requireultra- TheFDA found therewere FDA Rules cold temperatures,meaning two Covid-19 hospitalizations that sites without expensive starting 14 days afterreceiving freezers canstart vaccinations. the shot in the vaccine group, J&J Shot Thelate-stagestudy evaluat- versus 29 in the placebo group. ing J&J’svaccine primarily Therewerenonew hospitaliza- measured whether the vaccine tions after28days in people Effective prevented cases of Covid-19 vaccinated, while in the placebo that resulted in moderatetose- group therewere29. vere symptoms.The study took In the U.S. alone,the vaccine ContinuedfromPageOne placeinthe U.S.,South Africa was72% effective, J&Jsaid. The the study,the FDAsaid. and other countries. shot wasn’t as effectivein Health expertssaid people FDAissued itsanalysis of South Africaalone,whereanew shouldn’t hold out forthe other thedata, andthe agencyalso and moretransmissible variant shotsand should getthe J&J posted J&J’sanalysis. of the virus has emerged. vaccine if it is authorized and GES On the vaccine’sability to ThePfizer-BioNTech and offered, because it provides IMA curb the spread of the virus, Moderna vaccines recorded protection, especially against J&Jsaid apreliminaryanalysis higher effectivenessrates—95% GETTY

severe disease. SE/ of asubset of study subjects and 94.1%, respectively—in Aside from effectiveness, the suggested the vaccine was65.5% their late-stagetrials than J&J’s J&Jvaccine comes with advan- effectiveinpreventing infec-

tagesoverthe available shots ANCE-PRES tions that caused no symptoms. that could help it accelerate FR J&Jcautioned, however, that Data suggest the

and broaden massvaccination ENCE moreanalysis is needed to con-

efforts. Unlikethe two vaccines AG firm whether the vaccine pre- vaccine prevents in use,J&J’sshot requires just ventsasymptomatic infections.

MBELE/ asymptomatic asingle dose. Generally in the study,the Intriguingly,J&J released new vaccine proved to be effective spread of the virus. UNGIS

information, in an analysis that ML protecting against moderate the FDAposted along with its A medical worker got the Johnson & Johnson shot last week in South Africa’s vaccine rollout. and severeCovid-19.There own, suggesting the vaccine were seven Covid-19 deaths might also help reduce asymp- cine’spivotal-study resultsby pick up the pacetogetpeople vaccinations by about 20%. among study subjectsgetting a vaccine.Those companies’ trial tomatic spread of the coronavi- both the FDAand the company, back to schools and offices Thetwo other Covid-19 vac- placebo,compared with no results, however, occurred rus.The vaccine reduced infec- as the panel did forthe first ahead of newstrains that cines authorized in the U.S. come deaths among those who got largely before newvariantsare tions that didn’t cause symptoms twoCovid-19 vaccines to be threaten to evademedicines. from Moderna Inc.and from a the vaccine,the FDAsaid. Like- known to have emerged. in study subjects, J&Jsaid. cleared foruse. Health authorities expect the partnership between Pfizer Inc. wise,fewerpeople who gotthe Health authorities have said Public-health officials said Theadvisory committeeis initial supply of the J&Jvaccine and Germany’sBioNTech SE. The vaccine developed critical that the J&Jvaccine wassuffi- that avaccine that canblock expected to recommend the FDA will help ease,though not elim- companies have projected deliv- Covid-19 cases than volunteers ciently protective—especially such infections will be critical authorizethe J&Jvaccine,and inate, the frustration felt by ering enough of their two-dose on placebo did. againstseveredisease—which, to limit the spread of the coro- the agencyisexpected to make people unable to sign up for vaccines by the end of March to Thevaccine’sefficacywas together with itssingle-dose navirus and ease the pandemic. itsdecision soon after. FDAau- shotsbecause therearen’t immunize100 million people. roughly comparable across regimen and favorable tempera- One of the reasons the virus thorization could come as early enough doses available. Each of those vaccines re- most demographic subgroups turerequirements, should make has spread so widely is because as this weekend, aperson famil- J&Jhas said it would deliver quires two shotstoconfer their in the study.However, it was adifferenceinthe pandemic. of asymptomatic transmission. iar with the mattersaid. 20 million doses forU.S.use by full benefit. TheJ&J vaccine in- only 42.3% protectiveinpeople Themost common side ef- Acommitteeofoutside med- Theregulatorygreen light the end of March, which might volves only oneshot, afactor 60 and over who had medical fectsinclude headache,fatigue ical specialistsconvenes Friday would bolster vaccination ef- be enough to boost the coun- that also mightease the logis- conditions such as diabetes and and muscle ache.Most weren’t to evaluateanalyses of the vac- fortsjust as health authorities trywide capacity forcompleted tics of delivering doses.The hypertension, J&Jsaid. severe.

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A8 | Thursday, February 25, 2021 THE WALL STREET JOURNAL. WORLD NEWS Russia, China Fill Vaccine Void Pfizer Shot Works for With Western-made shots scarce, Latin All Ages, American countries turn to alternatives StudySays

BY RYAN DUBE BY DOV LIEBER AND LUCIANA MAGALHAES TEL AVIV—The Covid-19 LIMA,Peru—AcrossLatin vaccine from Pfizer Inc.and America, governmentsare des- BioNTech SE is equally effec- peratefor coronavirus vac- tive across all age groups, in- cines as the only way out of a cluding those over 60,accord- pandemic that has ravaged ing to anew Israeli study,ina economies and lefthundreds boost of confidence to global of thousands of people dead. vaccine efforts. But instead of looking to the ThePfizervaccine provided U.S. forhelp,LatinAmericais about 94% protection against so far relying on Washington’s developing coronavirus symp- global rivals: China and Russia. toms foreveryone over the In Argentina and Bolivia, au- ageof16aweek afterthe sec-

thorities have begun vaccinating S ond shot of arecommended with Russia’sSputnik V.Chile two-dose regimen, according PRES began inoculating this month to astudy by researchersfrom TED

with four million doses of CIA Israel’sClalit Research Insti-

China’sSinovac vaccine,which SO tute and Harvard University. President Sebastián Piñerasaid AS Thestudy also found the

gaveChileans hope they would WELL/ vaccine is 92% effectiveinpre-

emerge from the pandemic. CK venting severe disease.

Peruvians celebrated as tele- BLA The results are in line with A

vision stations broadcast this CC the vaccine maker’s ownclini- month’sarrival of acommer- cal trial, but the large size of REBE cial flight carrying China’s Residents over the age of 60 waited on Wednesday to get doses of Russia’s Sputnik V vaccine at a school in Mexico City. the study,which covered Sinopharm vaccine. nearly 1.2 million people,pro- In Brazil, President Jair Bol- South America,” he said. mies without vaccines.” Those vaccines were devel- sian and Chinese vaccines.In vides moreprecise insight into sonarodisparaged Chinese Therollout in Latin Amer- Kirill Dmitriev,head of the oped with amore-advanced Brazil, 47%ofpeople said they older agegroups that were vaccines.But his government ica, home to 650 millionpeo- Russian Direct Investment Fund, technologythat mobilizes im- would take the Sinovac shot, sparsely coveredbythe drug- agreed to use millions of doses ple, will giveChina and Russia the country’ssovereign-wealth mune defenses by using ge- compared with 74%for vaccines maker’s trial, according to the of Sinovac’s CoronaVac vaccine an early foothold in amultibil- fund that promotes Sputnik V netic molecules.Russia and made in the U.S.,according to a study’s authors. afteritbecame clear in Janu- lion-dollar vaccine market. As abroad, called Latin America China’s doses use more tradi- Datafolha poll in December. Thepeer-reviewedstudy, ary it was the best shot for health expertswarn of a “one of our key target regions.” tional methods, with China’s Both China and Russia have partsofwhich have been re- Brazil to emerge from apan- drawn-out pandemic,updated China’sForeign Ministry shotsusing akilled or weak- faceddelays in rolling out vac- ported previously, waspub- demic that has killed almost vaccines will be needed to com- said itsvaccine cooperation ened version of the virus to cines, underscoring the chal- lished Wednesday in the New 250,000 people,the second- bat newvariantsofCovid-19. with Latin Americademon- prompt an immune response. lenges in meetingdemand in England Journal of Medicine. worstdeath toll afterthe U.S. It also is ageopolitical ad- That hasallowedChina to developingcountries.Many Israel is the only country “The viewofmanyinLatin vantagefor China and Russia. shareits technologywith Latin American nations also that has begun vaccinating all Americaisthat this is not Thevaccines could boost their Therollout likelywill other countries to produceits have deals to getshotsfrom people over 16 yearsold in rel- simply talk,but action from standing in aregion whereBei- vaccines,which don’t have the Pfizer and AstraZeneca PLC, atively largenumbers, as part China,” said Margaret Myers, jing wantsaccesstooil, copper boost theinfluenceof capability to turn out the though it is unclear when of its campaign to inoculate a who follows Chinese relations and soybeans,and Moscow has Beijing and Moscow Western shots. those would arrive. majority of itsnine million with Latin AmericaatInter- been building stronger diplo- TheRussian and Chinese Latin American officials say population by March. American Dialogue,aWash- matic andeconomic ties.For in theregion. vaccines also have aleg up on they don’t care wherethe vac- ThepaceofIsrael’sinocula- ingtonpolicygroup.“Ithink theforeseeable future, the re- their Western competitors in cines come from, as long as tion drive and its technologi- this will have amajor impact.” gion is dependent on Chinese developing countries because they work.“We didn’t ask any- cally advanced healthcaresys- Thomas Shannon, aformer and Russian vaccines. they don’t requireultracold one about the ideologyofthe temhaveallowedresearchers U.S. undersecretaryofstate for “It places them in aposition stratesits “profound friend- temperatures forshipping and vaccine,weonly asked if it saves to gather real-world dataon political affairswho oversaw to go head-to-head and chal- ship” with the region. storage. In Bolivia, Sputnik Argentine lives,” said President the vaccine—from efficacy to American policyinLatin lengethe dominanceofEurope Latin America’searly reli- shotswereshipped to the Am- Alberto FernandezofArgen- side effects—and given them America, said providing vac- and the U.S. in many of those anceonChinese and Russian azon in a poultry truck. tina, the firstmajor countryout- an unprecedentedviewinto cines to the region allows Mos- countries because vaccines are vaccines emergedout of ne- Though vaccine pricing is side of Russia to use Sputnik. vaccine’simpact acrossvaried cow to expand ties that were it,” said MonicadeBolle,a cessity as the U.S. and other confidential, Chinese and Rus- In Brazil, Monika Barbosa, a agegroups.The resultsoffer severed afterthe Cold War. Brazilian who is asenior fel- developed nations bought up sian officials have said theirs physiotherapist,described ela- important newinsightsfor “Whatthe vaccines have done lowatPeterson Institutefor nearly allthe Western-made arecheaper than Western shots. tion aftergetting aSinovac othercountries as they roll is giveRussia another oppor- International Economics.“You shots, from companies such as Polls showLatinAmericans shot. “I wasn’t afraid, regard- out their own programs. tunity to build relationships in can’t have functioning econo- Pfizer Inc. and Moderna Inc. areskeptical toward the Rus- less of where it comes from.” Researchersinvolved with the study were able to look at datafromabout 1.2 million people and two decades’ of their health records. As the Ghana FirsttoGet DosesUnder WHO Plan study wasobservational in na- ture, the researchersworked to minimizeany biases be- BY GABRIELE STEINHAUSER have to payfor their doses. tween the vaccinated versus That effort is likely to far out- unvaccinated group that might Thefirst shipment of free strip vaccine donations from account forbetterresults, Covid-19 vaccines from the China, Russia and India,three such as superior health habits. World Health Organization- nations that recently flew vac- To do this,they matched backed Covax facility landed in cines to numerous developing each vaccinated individual Ghana on Wednesday, marking nations in what some experts against an unvaccinated per- the beginning of what is shap- sayare attemptstogain politi- sonwho had asimilar profile, ing up to be the biggest vacci- cal influence. including their risk level forin- nation drive in history aimed Covax has made deals with fection and of developing seri- at developing countries. most of the big manufacturers, ous illness, and overall health. Thedelivery—consisting of including Pfizer Inc., Johnson & This study provides “scien- 600,000 doses of avaccine de- Johnson and Novavax Inc.The tifically validated real-world veloped by the University of Ox- majority of deliveries in the evidenceofthe effectiveness ford and AstraZeneca PLC and firsthalf of the year will con- of the vaccine,” said Prof.Ran produced by the Serum Insti- sist of the AstraZenecavaccine, Balicer,Clalit’schief innova- tuteofIndia—was greeted by which is cheaper than other tion officer and one of the senior Ghanaian government of- shotsand easier to storethan study’s chief authors.

ficials at Kotoka International /REUTERS themRNA vaccines approved Israel is leading the world in

Airport in the capital Accra. The KO in the U.S. that need to be kept the global vaccine race.More RO

doses will be enough to vacci- KO at very cold temperatures. than half of itspopulation has

natesome 300,000 healthcare KO For2021, the AstraZeneca received the firstshot, includ- and front-line workersinGhana, vaccine is forecast to makeup ing 90% of those over 60,and ANCIS

aWest African countryofabout FR about one-thirdofCovax sup- about athirdofthe countryis 31 million people that is battling A worker checked a shipment of AstraZeneca/Oxford vaccines at an airport in Accra on Wednesday. plies,assuming that the shots fully vaccinated, according to itssecond wave of infections. by J&Jand Novavax and other Israel’sHealth Ministry. Funded mostly by rich West- been criticized for buying up globally were given in just two tries] ask the manufactur- manufacturersare authorized Afterbeginning itscam- ern governments, including the large stocks of vaccines,often countries—the U.S. and ers…foradditional vaccines, in the coming months.That paign on Dec. 20 with health- U.S.,and charitable foundations, enough to immunizetheir China—and over 80% were in they should makesure relianceonthe AstraZeneca care workers and the elderly, the Covax facility aims to ship populations multiple times as 10 mostly high-income nations, whether their request affects vaccine has prompted some Israel this month opened it up two billion doses to developing they wait fordifferent shotsto the WHO said this week.Secre- the Covax deal or not,” he said. criticism after a small human to everyone over 16. countries this year,most of passclinical trials and be tary-General Tedros Adhanom ShotsfromCovax will be trial and lab experiments Thefindingsofthe Clalit them free.Its backerssay that cleared by national regulators. Ghebreyesus on Mondayhit free forthe 92 poorest econo- showedthe shot waslikely study were similar to recently should be enough to inoculate Meanwhile, many developing outatrich governmentscon- mies, including Ghana. About lesseffectiveagainst anew vi- published research out of the about20% of the population of nations—dozens of them in Af- tinuing to seal bilateral vaccine 50 other countries, including russtrain that wasfirst de- U.K. and from other Israeli re- theworld’s92poorest econo- rica—have yettostart admin- deals with manufacturersthat upper-middle-income nations tected in South Africa. Experts searchers that just one Pfizer mies and end what they call the istering any vaccines. he said were cutting intosup- such as Mexico and South Af- saythey are confident the shot canoffer strong protection. acutephase of the pandemic. Over half of the morethan plies promised to Covax. rica, also have ordered shots shot will protect against se- —Jared Hopkins in New York Western countries have 210 million doses administered “Before[high-income coun- through the facility but will vere cases from the variant. contributed to this article. WORLDWATCH

FRANCE plaint against Mr. Depardieu, 72 The attack started at about boat capsized in the Central years old, in August 2018, saying 5:45 p.m. Tuesday when explo- Mediterranean, the United Na- Actor Depardieu he sexually assaulted and raped sions and the cracking of shoot- tions said. It was the latest ship- Faces Rape Charges her on two occasions that ings by assault rifles could be wreck involving migrants fleeing month at his house in Paris. heard across the city, Maiduguri conflict-stricken Libya and seek- A French investigative judge —Matthew Dalton residents said. ing a better life in Europe. brought preliminary charges of No group has claimed respon- The U.N. migration and refu- rape and sexual assault against NIGERIA sibility for the attack, but it is gee agencies said the dead were Gérard Depardieu, an actor once suspected to have been carried among at least 120 migrants on regarded as the face of French Jihadists Suspected out by Boko Haram, the Islamist a dinghy that left Libya on Feb. cinema. In a Deadly Attack jihadist group that has waged an 18. The shipwreck took place The judge filed the charges in insurgency in the region for two days later, it said. A com- December, alleging Mr. Depardieu At least 10 people were killed more than 10 years. mercial vessel rescued the survi- S

raped an actress in the summer and about 60 others injured in —Associated Press vors and took them to the Sicil- PRES

of 2018, a French judicial official an attack by suspected jihadist ian port town of Porto TED

said Wednesday. rebels on the northern Nigerian LIBYA Empedocle, it added. CIA SO

“Mr. Depardieu is and remains city of Maiduguri, officials said. The dinghy took on water AS presumed innocent,” said the ac- “This is a new form of attack, Migrants Drown about 15 hours after the mi- OLA/

tor’s lawyer Hervé Temime. “He totally different from the usual En Route to Europe grants embarked on their peril- Y SS

strongly contests the accusa- suicide bombing,” said Babagana ous voyage, the UNHCR said, cit- JO tions against him.” Zulum, governor of Nigeria’s At least 41 people drowned ing testimonies from survivors. A bullet-riddled car sits in Maiduguri, Nigeria, after an attack The actress brought a com- northeastern Borno state. over the weekend when their —Associated Press authorities blamed on Boko Haram that killed at least 10 people. P2JW056000-2-A00900-1------XA

THE WALL STREET JOURNAL. ** Thursday, February 25, 2021 | A9 WORLD NEWS Nations Seek Change Syrian Is ConvictedofWar Crimes In WorldTrade Court BY RAJA ABDULRAHIM AND RUTH BENDER

BY YUKA HAYASHI terher appointment this BERLIN—AGerman court month and promised to pro- secured the world’s first con- WASHINGTON—Member pose overhauls this year. viction of aformer Syrian offi- countries of the World Trade President Biden supported cial in relation to state-sanc- Organization areaiming to res- Ms.Okonjo-Iweala aftershe tioned tortureinwhat lawyers urrect adormant system forre- had been blocked by the and human-rightsgroups solving trade disputes that has Trump administration,paving hailed as abreakthrough in been apoint of friction between the way for her appointment. the effort to bring the regime the U.S. and other nations. Bidenadministration officials to account. TheWTO’sAppellateBody, have expressed awillingness Thecourt Wednesdayfound GES theapexofthe Geneva-based to work with the WTOtoease Eyad al-Gharib, a 44-year-old IMA group’sdispute-settlement sys- trade tensions,though the ad- former Syrian regime officer,

tem, has been effectively shut ministration is seeking abroad guilty of aiding and abetting GETTY

down since2019 afterthe overhaul of the trade body and crimes against humanity,sen- SE/ Trump administration blocked is keeping the heavy tariffs tencing him to 4½ yearsin the appointment of newjudges. then-President Donald Trump prison forhelping to suppress

U.S. complaintsabout the placed on Chinese goods pend- opposition activity afterthe ANCE-PRES system, which predatethe ing a review of trade policy. 2011 antigovernment uprising FR Trump presidency, center on Katherine Tai, Mr.Biden’s against the regime of Presi- GENCE

AppellateBody rulingsagainst pick forU.S.trade representa- dent Bashar al-Assad. /A

tariffs and other remedies, tivewho will appear at aSenate While Mr.Gharib’scrimes HNES

limiting what U.S. officials and confirmation hearing Thursday, took placeinSyria, prosecu- LO lawmakerssee as America’s is experienced in using the WTO tors invokedthe principle of S right to protect itsindustries. disputesystem, having argued universal jurisdiction, which THOMA China has been an active winning cases against China. allows the prosecution of war A court in Koblenz, Germany, sentenced Eyad al-Gharib, left, to 4½ years in prison on Wednesday. litigant, and the U.S. more “There is cause forrenewed crimes regardlessofwhere than European and other optimism that the WTOcan they are committed. “brutally mistreated and sys- in Paris. ber,wereblocked by Russia countries has pointedly criti- measureuptothe tasks “Germany has opened the temically tortured” when he While Mr. Gharib was a ju- and China. cized the WTOand the ap- ahead,” Alan Wolff,aWTO road to justicefor Syrians,” helped detain demonstrators. nior official in the Syrian re- Mr. Gharib was one of two peals body forfailing to deal deputy director-general and an said Joumana Seif, Syrian hu- Alawyer forMr. Gharib gime,prosecutorsthink the defendantsinthe German with China’sstate-directed American trade lawyer,said at man-rightslawyer and re- said they would appeal the testimonyofsurvivorsand re- trial, whichbegan in April capitalism,its lax protection a conference this month. search fellowatthe European verdict, which they found gime defectors who gathered 2020. The court split his case forintellectual property and Theimpasse over the court Center for Constitutional and “very harsh.” forhis trial could proveuseful from that of Anwar Raslan, a resulting distortions to trade. hasled to abacklog of cases, Human Rights, which is repre- His lawyers had sought his in other cases making their higher-ranking official who al- Now, WTO boosters see an many of them involving the senting some of the former acquittal, arguing that he way through the justicesys- legedly led an investigations opportunity to start fixing the U.S.,and removed an important detainees who areplaintiffs in would have put himself and teminGermanyand else- unit of the Syrian intelligence international court and clear tool forenforcing the rules that the case. his family in danger had he where. service at al-Khatib prison. the logjam. govern global commerce.Many “This is the first time that disobeyed orderstodetain the In September,the Nether- He is chargedwith commit- The organization’s new di- businesses and governmentssee Assad’s crimes are being pre- demonstrators. Prosecutors landssaid it would hold the ting crimes against humanity, rector-general, former Nige- aworking dispute-settlement sented in front of acourt,” she argued that people such as Mr. Syrian regime responsible un- and overseeing the murder of rian financeminister Ngozi system as pivotal to reducing said. Gharib were instrumental in 58 people andthe tortureof Okonjo-Iweala, called the dis- tradebarriersand is needed With the regime of Mr. keeping the regime’srepres- 4,000 others. His trial is ex- pute-settlement system the nowasthe global economy Assad emerging largely victo- sive system working. Prosecutorsin pected to last several more “crown jewel” of the WTO af- grapples with the pandemic. rious afteradecade of con- “I consider this as if I’m months. flict, international attention writing the firstletterinthe Germanyinvoked the Mr.Raslan denied the hasshiftedtoward account- pageofjustice, this means we principle of universal chargesagainst him in astate- ability. will continue,” said Rowaida ment read by his lawyersin Thecourt found that Mr. Kanaan, one of more than 50 jurisdiction. court in May. Gharib assisted others in tor- witnesses who testified LikeMr. Gharib,Mr. Raslan turing 30 antigovernment pro- throughout the trial. arrived in Germanytoseek testerswhile in custody as She wasdetained three asylum. Thetwo men were ar- part of “a widespread and sys- times by the Syrian regime for der the United Nations Con- rested in February2019 and tematic attack on the civilian antigovernment activism and vention Against Torture, not- chargedbyGerman federal population’’bythe Assad re- helping treat injured protest- ing that alasting political prosecutors later that year. gime that involved mistreat- ers. She spent four days dur- solution in Syria would be In aseparateand unrelated ing, torturing and killing crit- ing her second detention in possible only if therewas no case,another German court on ics of the regime. the al-Khatib prison in Damas- impunity. Wednesday sentenced the 37- /REUTERS Thecourt also concluded cus and wasbeaten everytime Thedecision could lead the year-old leader of Islamic TS that Mr.Gharib had witnessed she wastaken in or out of her country to submit the case to State in Germany, an Iraqi na- BER

RO prisoners being beaten while cell. an international court. Previ- tional, to more than 10 years A they were transported to “This shows that no one ous attempts to refer Syria to in prison for recruiting fight- SHU

JO prison, and that he had known will escape punishment,” said the International Criminal ersfor the group in Iraq and Ngozi Okonjo-Iweala plans to revamp the WTOsettlementsystem. about howprisonerswere Ms.Kanaan, 43,who nowlives Court, of which it isn’t amem- Syria.

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A10 | Thursday, February 25, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

andswagincluding an adult Thesession, conducted by The Boss coloring book,colored pencils, an outside firm, Teamrade- acheese boardand as’mores rie,was hosted by Adam kitwith avotivecandle. Schmalholz,apoet and author Is at Some employees attempted known as IN-Q who has helped to roast marshmallows by can- writepopular songslikeSelena dle flame,while othersgaveup Gomez’s“Love YouLikeaLove Your Door and used microwaves. “Every- Song.” He asked the Dell em- body is listening to the fireside ployees to think about afear chat, having their s’mores,” Ms. that held them back in their ContinuedfromPageOne Whaling says.“It really creates livesand to put that to paper don’t think aCEO has ever re- that sense of community.” in either apoem or story, say ally known my name,much Vanessa Childs,chief opera- people who organized the ses- less come to my house.” tions and integration officer at sion. Employees were invited Companies have tried all Syndigo, aChicagotechnology to sharewith colleagues,if kinds of waystoengagework- company, did avirtual scaven- they felt comfortable.Many from-home employees to com- gerhunt with employees.Peo- brought up family challenges, bat burnout and boost morale ple were challenged to find parenting or career issues or during the past year of the householditems and bring otherpersonal obstacles. pandemic.They’vehosted uku- them to their laptops.Co- “I knewitwould be some- lele-building classes,sent li- workersraced around, throw- thing equally uncomfortable for quor,and recruited chefs,per- ing open cabinets, on the hunt everyone,which proved to be sonal trainersand stand-up forcans of cranberries and true,” Mr.Smitssays.Still, it comics to spice up Zoom ses- other obscure items. created adeeper sense of trust sions.Now,they’rebringing in AX “I found the eyelash-curling between colleagues,hesays.“I GR the big guns: bosses. GRAX staff on Zoom with goat-sanctuary owner Meagan Frederick and friend; the CEOwas among them. brush,” Ms. Childs says. learned about my team in ways “It’snot businessasusual John Smits, avicepresident that Idon’t think Icould have anymore,” says Mr.Wuerch. As theanimals meandered, CEO—started making goat Communication in Columbus, at Dell Technologies, planned typically done over adinner.” “It’s just not.” sanctuaryowner Meagan noises.“We’reall just cracking Ohio,says that, despiteZoom avirtual session forleaderson Mr.Wuerch, who showedup When astaffer at GRAX,a Frederick narrated trivia up,” Ms.Deng says.“Everyone fatigue,she and colleagues had his team to writeand listen to on his employee’sdoorstep,has Boston technologycompany, about goat digestive systems just enjoyed it.” to think up three days of activi- poems.Staffersweretold only visited the homes of several suggested virtually visiting a and explained howthe farm Mr.Gaska says he is kicking ties foravirtual annual team to clear their schedules for90 staffers, dispensing $1,000 goat sanctuary, co-workers operated. Wrapping up,she di- himself fornot booking more meeting that would amuse and minutes.When the session checks while Zooming the pre- seemed ambivalent, says Diane rected the companyto“baa” goat time.“Youknowwhat spark anew kind of connection. started and people learned sentations.Topresent an award Deng,asenior product-mar- together.“Everyone looked ab- happened? Nobody thought Some breakout sessions cov- they would be participating in to aworker near Dallas,he keting manager: “Most people solutely mortified,” Ms. Deng anything about businessfor a ered professional topics,while apoetryslam, some were wor- droveabout nine hoursround- were like: ‘Goats? Why?’ ” says.“People started trying to minute,” he says.“It’sprobably othersfeatured lighthearted ried, Mr. Smits says: “I could trip with one of his sons in tow GRAX CEO JoeGaska says mute.” Ms.Frederick said “I the best thing I’veeverplanned faresuch as strategies to keep tell by the looks of my team’s to function as the cameraop- he loved the idea. So he and see you,” ordering people to as aCEO of the company.” indoor plantsalive. Thecom- faces—we’reall on Zoom— erator.“Nowpeople arelooking workersgoat-watched on unmute. Slowly, employees— Heather Whaling,president pany arranged forteam mem- like, ‘What arewedoing here? forwardtoit,” he says.“It’sbe- Zoom for nearly an hour. including Mr.Gaska, the of public-relations firm Geben bers to pick up boxesoffood This doesn’t feel normal.’ ” come likeatelevision show.”

such equipment. Thecompany Tree says it offerslong-term supply deals and premiums forme- chanically trimmedtrunks to Growers ease the financial burden of buying the machines. “The most importantdeci- Are Ailing sion youmakeisthe firstdeci- sion, which is wheretocut the log,” said InterforChief Execu- ContinuedfromPageOne tiveIan Fillinger.“Thehuman close to capacity as pandemic decision is takenout of it.” precautions will allowand are At itsmills,Interforinstalled unable to keep up with lumber scannersthat sizeuplogsand demand. Theproblem fortim- position and slicethem to max- ber growers is that so many imizeboardfeet and minimize treeshavebeen planted be- waste. Yields climbed as much tween the Carolinas and Texas as 20%within two years, Mr. that mills arepaying the lowest Mullis said. Current Interforex- prices in decades forlogs. ecutives saythe companyhas Thelog-lumber divergence invested $300 million making has been painful forthousands JOURNAL themills moreefficient and

of Southernerswho arecount- REET productive. Twowould have

ing on pine trees forincome ST closed hadInterfornot bought and as away to hold on to fam- LL them, Mr.Mullis said. ily land. And it has been incred- WA “The industryinthe South- THE

ibly profitable forforest-prod- R ern U.S. has been relatively uctscompanies that have been FO backward,” said Mark Wilde,

buying mills in the South. KESL who researches forest products

ThreeCanadian firms—Canfor TE forBMO Capital Markets. Many Corp., InterforCorp.and West OT lumber mills were built by pa- Fraser Timber Co.—control per companies eager forthe CHARL about one-thirdofthe South’s ‘We used to be considered wealthy,’ said Joe Hopkins, who grows slash pine in Georgia. ’I don’t see wealth. I see tax bills.’ sawdust and scraps to pulp. lumber-makingcapacity.Since “Canadians going down South bottoming out last March, bust. Logs forsoftwood lumber ised annual paymentsfor every West Fraser,the continent’s sas. is the best thing that’shap- shares of the Canadian sawyers averaged $22.50 aton across farm acreplanted over with largest lumber producer,and Interforexecutives circled pened to Southern timber,” he have risen morethan 300%, the South last summer,the trees. Canfor had already begun buy- Georgia and waited forthe bot- said. compared with a75% climb of least since1992, according to Mr.Bembrywas among the ing Southern mills in the years tom. TheVancouver,British Co- This month, Interforsaid it the S&P 500 index. TimberMart-South, apricing droves of Southernerswho leading up to the crash. Back lumbia, companypounced at would payacardboardmaker Thesurplus of standing pine serviceaffiliated with the Uni- signed up.Heplanted mostly home in Canada,their pros- the depths of the housing bust $59million foralumber mill is such that growers,foresters versity of Georgia’s forestry slash, alittle longleaf,and he pectsweredimming. in 2013.Within about two near theport in Charleston, and mill executives expect that school. addedanother 800 acres. Logsupply,which is meted years, Interforowned one mill S.C.,and would spend $25 mil- even with millssawing at ca- “Ifyou put inflation on it, Thepaymentsand restric- out by Canada’sprovincial gov- each in Arkansas and South lion to boost output 60%. pacity and newfacilities com- it’s really sad,” said Mr.Hop- tions on logging expired around ernments, is threatened by for- Carolina and seven in the Theaverage priceoftimber ing online,itcould be another kins,the Georgia timber 2000,just in time forahousing est firesand wood-boring bee- pinelands south of Atlanta. sold to lumber mills rose to decade,maybe two,before grower. Adjusted forinflation, boom that pushed timber tles,which together have laid $24.03 aton in last year’s enough trees arefelled to bal- prices forthe logsused to prices to highs.Mr. Bembry wastetotens of millions of fourth quarter,according to ancesupply with demand. makelumber areattheir low- didn’t cut much of his timber, acres.The lumber companies ‘Tough times’ TimberMart-South. But the in- Meanwhile,it’sabuyer’s est in morethan 50 years. though. also have paid billions of dol- “Whatever Interforpays, crease is little consolation to market forlogsdownSouth, Mr.Hopkins raises timber on lars in duties on boards sold that’swhat everybody else pine growers.That is the same said Don Kayne, Canfor’s chief a25-year rotation to support acrossthe U.S. border,part of a pays,” said Billy Humphries, priceasin2012, when there executive. “Wetry to be fair,” himself and makepaymentsto It could take a decadeslong trade disputebe- who advises on timber sales were half as manyhomes being he said. morethan adozensharehold- tween the countries. around Macon, Ga., and grows built. At their onset, coronavirus ersinthe 109-year-old family decade or two before “Canadiancompanies have trees himself in Twiggs County. Mr.Hopkins worries he lockdowns seemed to derail the business. Because the pines tree supply and always been on the losing end,” “They moved to the South in might have to sell some of his housing recovery.Lumber take about aquarter-centuryto said Eric Miller,president of pretty tough times.They could family’s 70,000 acres near the prices plunged in March 2020. be suitable forlumber,just 4% demand balance. theRideau Potomac Strategy be pretty ruthless.” Florida line,likely to hobby Dealersliquidated inventories. of the land produces income Group,aWashington, D.C.- Because of trees bred to be- farmers—doctorsand dentists Speculatorsdumped lumber fu- each year,though taxesare based consulting firm. “So the come planks and the computer- from Jacksonville moreinter- tures and took short positions, owedonevery acre. He said it logical solution wasfor them to ization of mills,well-managed ested in outdoor recreation betting prices would fall fur- is like managing astore where “I liked looking at it,” he jump the tariff wall and invest timberland produces about 50% than turning profit on timber. ther.Mills sent workershome he cansell only merchandise said. “And it wasgood forwild- in the U.S.” morewood than it did agener- “IfI’m not sustainable,I and curtailed production. By from afew shelves. life.” Sawing in the South allows ation ago, he said. can’t keep that land,” he said. April, roughly 40% of North “Weused to be considered Home prices crashed in Canadian firms to avoid tariffs When Interforarrived, it “Everything is going up except America’ssawmill capacity was wealthy,” he said. “I don’t see 2007.Lumber and timber and be closer to topcustomers studied the surrounding trees, the priceoftimber.” shut down. wealth. Isee taxbills.” prices,too.The number of saw- in the Sunbelt’smushrooming noting ages and diameters, Mr.Bembry, the veterinar- Wood wasinshort supply Thousands of Southerners’ mills in the South had already housing markets. Labor is then calibrated mills to accom- ian, is concerned about passing when the remodeling bonanza fortunes depend on timber been declining due to consoli- cheaper,too. modatethe most common- liability to heirs. He is studying began. Then the housing mar- prices.InGeorgia, timberland dation. Thecollapse in home West Fraser bought mills sized trunks,said Todd Mullis, the potential to sell his stand- ketpicked up.Restaurants owned by families and individ- construction hastened closures from Texas to Florida,includ- aformer Interforexecutive ing trees intothe booming around the countryhad to uals covers roughly one-third of small and lessefficient mills. ing 13 from International Paper who nowworks forMr. market forcarbon offsets, build outdoor decks.Sawmills of thestate. Todaythe region has about Co.Canfor started with four in Humphries’sfirm, Forest Re- which would payhim not to ramped up to capacity but Georgia, likemuch of the 250,downfrommorethan 400 theCarolinas and moved west, source ConsultantsInc. cut, and has been planting couldn’t catchup. By last sum- Southeast, wasthick with long- in 2000,according to Timber- adding mills in Georgia, Ala- Therearen’t enough of the longleaf instead of faster-grow- mer, lumber wasAmerica’shot- leaf pine when Britishcolonists Mart-South. bama,Mississippi and Arkan- oldest,thickest trees to justify ingslash, aided by federal habi- test commodity. arrived. Thecrown claimed the scaling mills forthem. Manyof tatrestoration programs.When big timbersfor ship masts. Diverging Markets the biggest trees went from the subsidies expire, the foot- Trees were bled fortheir fetching topdollar to being long needles canberaked, Record prices gummysap to maketurpentine. While lumber prices have setrecords this year,prices of the mashed intopaper and card- baled and sold to garden cen- Lumber futures,abench- AfterU.S.independence, the timber usedtomakelumber have remainedlow. boardfor much lessmoney. ters and landscapers. mark foranarray of regional Georgia legislatureencouraged Lumber futures price* Southern pine sawtimber This wasbad news forgrowers “The salvation formehas and species-specific prices,rose clearing forfarms by offering price†, quarterly likeMr. Bembry, whose trees been pine straw,” he said. An to arecordinearly August and 500 acres to settlerswho built were leftgrowing when the acrecan annually produce kept climbing.Futures con- sawmills. 1,200 per 1,000 boardfeet $50 aton housing crash cut off demand morethan $300 worth. tractstraded up to $1,000 per JohnnyBembry’sgreat- forwood. LeeRhodes wantstocut and thousand boardfeet, morethan great-great-great-great-grand- 1,000 “When youdesign amill, restock forthe next generation 50% abovethe previous high, father got200 acres near the 2021 40 youdesign it forthe masses,” the 10,000 acres of loblolly pine setduring the 2018 building Ocmulgee River forserving in Mr.Mullis said. “The metal he manages forhis family.It 800 2020 season. the RevolutionaryWar.The 30 matches the wood.” wasn’t cut with urgencywhen Home builderskept ham- family addedland over the Off the pavedroads in Lau- prices were high. Nowthey are mering through mild early-win- yearsand by the 1980s,when 600 rens County,Ga., Charles Hill’s so low, and the nearest mill so terweather and depleted lum- the veterinarian took over, 20 logging crew is loading trucks far,that loggers have turned ber dealersare stocking up for therewere1,200 acres. 400 2017 bound forInterforand West down jobs on the property 2019 spring.Lumber futures have hit Cottonand peanutsweretoo 2018 Fraser mills.Sorting is done by northeast of Macon. He wants 10 all-time highs and aremore demanding forapracticing vet. 200 2016 a$500,000 John Deereswing to hirehis son as successor but than twicethe typical winter Pine trees need little tending. 2015 machine. Acomputer is in the cannot affordit. price. Spot prices forsouthern Plus,the federal government cab. Amerchandiser on itsarm “The firstthing I’vegot to 0 0 yellowpine set recordsinJanu- waspaying landownerstoplant senses the length and girth of have with 10,000 acres is ary. trees.Forestation initiatives 1 253 2000 ’10 ’20 trunks in itsgrasp,strips away $55,000” forproperty taxes, he None of that has liftedthe meant to stop erosion and lift TRADING DAYS SINCE STARTOFYEAR limbs and slices off the tree top said. “I do wake up some morn- priceoftimber,which never re- crop prices, such as the Conser- *Random length front-month contracts †South-wide average to fitthe mill. ingswondering,why am Ido- coveredfromthe 2007 housing vation ReserveProgram,prom- Sources: FactSet (lumber); TimberMart-South (timber) Interforurges loggers to use ing this?” P2JW056000-4-A010A0-1------NS

THE WALL STREET JOURNAL. **** NY Thursday, February 25, 2021 | A10A GREATER NEW YORK NYC Public Middle Schools to Reopen

Up to 62,000 students turn forin-person instruction. old and in December allowed feeling concerned about it, tinue testing already being world, just likeeverybody else Middle-schoolteachersand elementary schools to reopen we’reall busy messaging each done in elementary schools. does,” she said. “I have small who previously opted staff—some of whom were forsome in-person learning, other and saying, ‘Let’s bring UFTPresident Michael Mul- groups online,but if they’re to return for in-person vaccinated earlier in the butthe mayorkept middle- in breakfast and celebrate, be- grew said the moves have not asking me forhelp,it’s month, according to the city’s andhigh-school studentsre- cause we’re excited.’ ” eased the union’s concerns. harder to identify, and I have classes are expected teachersunion—returned mote. About 190,000 elemen- In lateJanuary, when the Arranging fortesting in to be really persistent in try- Wednesdaytopreparethe tary-level studentsare eligible DOE sent out surveysto high schools “isamuch bigger ing to make sure that they’re BY LEE HAWKINS school buildings. Thereturn is to attend in-person classes, school principals to prepare lift” that has takenthe DOE keeping up.” apart of adistrictwide plan according to the DOE. forthe possibility of reopen- longer to preparefor,hesaid. Mike Goodwin, aguidance NewYork City’s public mid- that will reopen high schools SinceDecember,roughly ing middle and high schools, Thefact that manyhigh counselor at School forGlobal dle schools areset to reopen in coming weeks,after the De- 38,000 of the city’s educators schools arebeing used as vac- Leaders, on Manhattan’s on Thursday for some in-per- partment of Education formal- have been vaccinated, accord- cination centers for city resi- LowerEast Side,said he is son learning, after more than izes safety-related plans for ing to Mr.deBlasio and the It’s ‘all­hands­on­ dentsalso is impacting timing lookingforwardtohaving two months of fully remotein- the return of older students. United Federation of Teachers, for reopening those buildings about 50 of his school’s200 struction for their students. “We are all-hands-on-deck which representsabout deck to get as many to students, he said. students return. About half of the city’s ap- to get as many students back 120,000 DOE employees. students back…as Mr.Mulgrew believes the “This is a humanistic field, proximately 470middle in person as quickly as possi- Alison Cerami, an eighth- city will be able to reopen wherewevalue in-person schools will be open forall or ble,” said Miranda Barbot, grade English teacher at Gate- quickly as possible.’ high schools beforethe end of communication,” said Mr. most of their children five days DOE spokeswoman. “Our main way I.S.364 in Brooklyn, said this academic year. Goodwin, who also has been aweek.The remaining schools focus continues to be making she and fellowteachersspent Mr.deBlasio has said he vaccinated. “Just not having will prioritizeserving their surewehaveevery safety pre- Wednesdayinasafety-protocol hopes to reopen schools for that ability has been tough.” “most vulnerable students”— caution in place.” reviewsession to preparefor the United Federation of the city’s nearly one million Between Sept. 14 and Feb. such as those with disabilities Thedistrict will announcea thereturn of about 50 of the Teachersinitially objected, studentsfor in-person instruc- 23,the DOE reported atotal of or who areliving in shelters, timeline forreopening high school’sestimated 220students. saying testing and tracing in tion five days a week by Sep- 15,722 positiveinfections of or multilingual learners—five schools soon, Ms.Barbot said. Ms.Cerami, who wasvacci- the city’s schools wasatca- tember. studentsand staff.OnFeb.23, days aweek,and continue with Mayor Bill de Blasio closed nated forthe coronavirus last pacity andthat vaccination Ms.Cerami said she has the totalnumber of positive hybrid models from the fall, all public schools in November week,said having access to rates were “lackluster.” been concerned about the im- cases was65, according to the according to the city’s Depart- afterthe city’s Covid-19 infec- the shot is making her and her Thecity has sincebolstered pact that months of remote DOE’s website. Currently, the ment of Education. tion rate,orpercentageof colleagues feel moreconfident itstesting capacity by hiring learning has had on the social infection rate in NewYork City In total, the city expectsup positivetests, surpassed 3%. about returning. additional staff to conduct and emotional well-being and public schools is 0.58%; three to 62,000 sixth-to-eighth grad- City officials later reconsid- “There’s acalming feeling weekly Covid-19 testing in learning of her eighth-graders. school buildingsare shut erswho previouslyopted to re- ered the infection-ratethresh- about it,” she said. “Instead of middle schools and to con- “They hide in the remote down for quarantine. Some N.J. State Opens Mass Vaccination Sites in Queens, Brooklyn Nursing Homes Will Resume Visitations

BY JOSEPH DE AVILA

Indoor visitswill soon be able to resume at some New Jersey nursing homes as novel coronavirus cases con- tinue to decrease,public- health officials said. TheNew Jersey Depart- ment of Health hasnotified long-term-care facilities in seven counties wherethere hasbeen moderateCovid-19 activity that they canresume indoor visitations with social distancing afterthey prove they meet certain require- ments, said Judith Persichilli, commissioner of the depart- ment,during anewsconfer- ence Wednesday. Those requirementsin- clude no activecases for14 days and sufficient staff and personal protectiveequip- (3) ment. Thecounties wherelong-

term-carefacilities arenow /REUTERS eligible forindoor visitsare

Hunterdon, Mercer, Somerset, WENIG

Burlington, Camden, Glouces- SETH terand Salem, said Ms.Persi- chilli. “This is good news.Weare seeing outbreaks in our long- term-carefacilities decrease,” Ms.Persichilli said. Vaccinations arealso con- tinuing at long-term-carefa- cilities across the state, Ms. Persichilli said. So far, the federal effort to administer inoculations at nursing homes led by CVS Health Corp.and Walgreens BootsAllianceInc.has re- sulted in morethan 230,000 long-term-care residentsand staff in NewJersey getting vaccinated, she said. Overall, thestate has ad- ministered 1.76 million doses of the Covid-19 vaccine. NewJersey’s seven-dayav- erageofCovid-19 cases was 2,934 on Tuesday, one of the lowest figuressincemid-No- A SHOT IN THE ARM: Navy personnel prepared to receive patients Wednesday at a Covid-19 vaccination site at York College in Queens, as people lined up outside. The vember.Therewere2,070 site, and another at Medgar Evans College in Brooklyn, will be run with assistance from the Federal Emergency Management Agency and give priority to local residents. people hospitalized on Tues- daywith Covid-19 or probable cases,the lowest level since mid-November. Gov. Phil Murphy, aDemo- Cuomo Accused of Sexual Harassment by Former Aide crat, said Wednesdaythat the falling infection ratesmean restaurantswould be permit- BY JIMMY VIELKIND condoned but expected,” Ms. some Democrats, including As- areserious and that workplace well as Republican and Demo- ted to raise their indoor din- Boylan wrote. “His inappropri- semblywoman PatFahyofAl- harassment shouldn’t be toler- cratic officials have publicly ingcapacity to 50% “sooner Aformer adviser to New atebehavior toward women banyand stateSen. Liz Krueger ated. SenateMajority Leader shared stories of being berated rather than later.” York Gov.Andrew Cuomo on wasanaffirmation that he liked of Manhattan. Assembly Andrea Stewart-Cousins,aYon- by Mr.Cuomo and his close Thenew variantsofWednesdayaccused him of sex- you, that youmust be doing Speaker Carl Heastie,aBronx kers Democrat, said Ms.Boylan’s aides. State Sen. Alessandra Covid-19,however, could com- ually harassing her while she something right. He used intim- Democrat, said theaccusations account is “deeply disturbing.” Biaggi,aDemocrat from the plicatethe easing of addi- worked forthe state, saying idation to silencehis critics.” Ms.Boylan, who is running Bronx,said in an interviewlast

tional restrictions,depending that he kissed her on the lips Caitlin Girouard, a spokes- RK as aDemocrat forManhattan week that she had experienced

on the infection rates, he afterameeting in his office woman forthe Democratic YO borough president, didn’t re- this behavior aftercriticizing

added. and suggested they “playstrip governor,said Wednesdaythat NEW spond to requestsfor further thegovernor’s policies.Mr. Az-

In NewYork,the daily pos- poker” during an plane trip. Ms.Boylan’saccusations are OF comment Wednesday. It zopardi said the governor is

itivity rate forCovid-19 tests Lindsey Boylan, who worked “quite simply false.” UM couldn’t be determined whether working hardto“movethe ball on Tuesdayfell to 2.85%, the forthe state’seconomic devel- In aDec.13Twitterpost, OR she has filed aformal complaint. down the field forNew Yorkers.” lowest level sinceNovember opment authority and in Mr. Ms.Boylan accused Mr.Cuomo SF In the Medium post, she said In response to Ms.Boylan’s

21. Therewerealso 5,876peo- Cuomo’sofficefrom2015 to of sexual harassment, but she OMEN’ she decided to elaborateonher Medium post, Ms. Biaggi said

ple hospitalized with Covid-19 2018,wrote in aMedium post didn’t provide details.OnDec. RW Twitterstatementsafter As- on Twitter that she had “wit- in the stateonTuesday. that Mr.Cuomo “would go out 14,hesaid: “Look,Ifought for FO semblyman Ron Kim, aDemo- nessed similar behavior,and “NewYorkershaveshown of his way to touch me on my and Ibelieveawoman has a GES crat from Queens who has criti- it’s unacceptable” when Ms. courageand fortitude in the lowerback,arms and legs,” right to come forwardand ex- IMA cized the governor’s handling Biaggi worked as a counsel to face of this unprecedented and that he sought her out at pressher opinion, and express of Covid-19 deaths in nursing the governor.Mr. Azzopardi pandemic,and it’sthanks to official events. issues and concerns that she GETTY homes,said Mr.Cuomo threat- declined to comment. OLA/

them that we’reseeing ade- “Governor Andrew Cuomo has. But it’s just not true.” PP ened his career during aFeb.11 Other former aides to Mr.

clineinhospitalizations and has created aculturewithin his At the Capitol in Albany, CO phone call. Rich Azzopardi, a Cuomo said that while the gov-

in theCovid positivity rate,” administration wheresexual therewerecalls foranindepen- MIKE senior adviser to Mr.Cuomo, ernor could be demanding,they said NewYork Gov.Andrew harassment and bullying is so dent investigation intothe mat- Lindsey Boylan says the N.Y. denied threatsweremade. hadn’t witnessed behavior akin Cuomo,aDemocrat. pervasivethat it is not only terbyRepublicans as well as governor kissed her on the lips. In recent days,journalists, as to what Ms.Boylan described. P2JW056000-2-A010B0-1------NS

A10B | Thursday, February 25, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK WATCH GREATER NEW YORK Donors Pour Cash Into Mayoral Race

BY KATIE HONAN maximumfor candidates en- rolled in the program. Candidates vying to be the Normally,mayoral candi- next mayorofNew York City datesenrolled in the match- have received millions of dol- ing-fund program are capped larsfrommostly local donors, at spending $7,286,000 on including aconcentration of their campaigns.However, largecontributions coming sinceMr. McGuire’scampaign from afew partsofManhat- has already raised more than tan, according to city Cam- half that, the capcould in- paign Finance Board records. crease to $10.9 million by late Morethan 46,740 donations April, according to the Cam- have so far poured intothe paign Finance Board. crowded mayor’srace, totaling If Mr.McGuireends up rais- $13,545,443,according to the ing three times the original board. More than three dozen limit, therewill no longer be candidates have filed forthe anylimit to fundraising,ac- contest to succeed MayorBill cording to the board. de Blasio,who will leave office Ms.Todd-Medina said Mr. at theend of this year due to McGuireneeded to raise term limits. Themayoral pri- money at firstbecause he

S maries will be held on June 22. lacked name recognition.

PRES The majority of donors are

TED from New York City, and 84%

CIA of the contributions were be-

SO A concentration of low$250,according to the AS campaign financerecords.But large contributions

URKE/ afew ZIP Codes in Manhattan

RO come from a few accounted for a large amount TT

MA of high-dollar donations. parts of Manhattan. ATASTE OF SPRING: Bill Keck playedwith his dog, SirBarks-A-Lot,atBeach Hill, along the banksofthe Delaware River,inNational In the 10024ZIP Code in Park, N.J.After recent snowstorms, temperatures climbed into the 50s on Wednesday. Thursday’shigh is expected to be in the mid-40s. Manhattan’sUpper West Side, 1,250 donorshavegiven more CONNECTICUT later may be dismissed avoid olation of crime victims’ rights NEW JERSEY than $514,000,according to the While he has received signifi- the collateral consequences of a under the state constitution to Campaign FinanceBoardre- cant support from wealthydo- Prosecutors Oppose searchable record. resolve cases or decline to pros- Authorities Identify cords. Themajority of donors nors, he has also been backed Proposed Change The office of Chief State’s At- ecute them before a court ap- Bodies of Mom, Son in the ZIP Code gavetotwo by small-businessowners torney Richard Colangelo Jr., the pearance, prosecutors say. Democratic mayoralcandidates: around the city, she said. Connecticut prosecutors are state’s top prosecutor, recently It isn’t clear when lawmakers Authorities on Wednesday city Comptroller ScottStringer “I don’t think people realize opposing a criminal-justice re- submitted the report to the Leg- will consider the chief state’s at- identified a mother and son and RayMcGuire, aformer vice howmanydonorswehave, form proposal that could result islature’s Judiciary Committee, torney’s recommendations. whose bodies were found in a chairman at Citigroup. and howmanyare small-dollar in scores of people charged with saying such a sweeping change —Associated Press pond in northern New Jersey. On Manhattan’sUpper East donors,” she said. minor crimes avoiding an elec- would be costly and potentially Emergency crewsrecovered Side,606 donors living in the Newly released maps from tronic record of their arrests. create several problems, includ- BROOKLYN the bodies of 35-year-old Wanda 10021ZIP Code gaveatotal of theCampaign FinanceBoard Thechief state’sattorney’s ing violating crime victims’ con- Syed and 11-year-old Uzair Ah- $472,986,records show. Most help to visualizewheresup- officewas mandatedbyalaw stitutional rights. Boy, 6, Dies After med. Ms. Syed’s6-year-old son, of thedonations went to Mr. port forcandidates is based by passed lastyear to issue are- Instead, prosecutors are pro- Being Hit by Vehicle whose name wasn’treleased, was Stringer and Mr.McGuire, who donations.StevenRomalewski, port on having prosecutors re- posing expanding an existing pi- found unharmed at the scene. isn’t participating in the public- director of the CUNY Mapping viewall criminal charges before lot program running at several A 6-year-old boy was fatally Police were called to Grace matching-funds program runby Service at the City University theyare enteredontocourt courthouses around the state. In struck by a vehicle in Brooklyn Lord Park in Boonton on Tues- the Campaign FinanceBoard. of NewYork’sGraduateCenter, dockets. Connecticut currently the Early Screening and Inter- on Wednesday, police said. day by a person who reported Sincejoining the race last created the maps with the has an unusual systeminwhich vention Program, prosecutors re- The child was hit just after an unattended child standing fall,Mr. McGuirehas raised Campaign FinanceBoard. He charges filed by policego view minor cases after they are 8:30 a.m. in Williamsburg, a po- near the pond and shouting for $6.1 million, which includes said themaps showoverall straightontothe dockets, creat- docketed and determine whether lice spokesperson said. The his mother. Footprints leading to $1.1 million in donations in donations arecoming from all ing asearchable online record on charges should be dismissed and spokesperson couldn’t confirm the water led emergency crews just over the last 30 days, ac- acrossthe city,which encour- the statecourt system’swebsite. whether defendants should be media reports that the boy was to the bodies, and Boonton’s cording to Lupe Todd-Medina, ages candidates to engage Advocates for the reform, in- sent to diversionary programs. struck by a yellow school bus. Swift Water Rescue Team recov- asenior adviser to his cam- more with voters. cluding the American Civil Liber- Prosecutors say mandating a The victim, identified as Shi- ered them, Acting Morris County paign. By not participating in “It inspires the candidates ties Union of Connecticut, say it review of all criminal charges be- mon Fried, was pronounced dead Prosecutor Robert Carroll said. the matching-funds program, to reach out to amuch would be an important check on fore they are placed on court at the scene. The death is under Authorities didn’t release ad- Mr. McGuire can take individ- broader crosssection of the police power and help people dockets would be an expensive investigation. ditional details. ual donations of up to $5,100, populationand all over the charged with minor crimes that requirement. It also may be a vi- —Associated Press —Associated Press compared with the $2,000 city,” Mr. Romalewski said. FeatureYour Hamptons Properties to the Perfect Audience

Showcase your breathtaking estate in the next installment of the Hamptons,East End and North Fork SpecialAdvertising Feature in The Wall StreetJoUrnal. We will continuetoexplore market trends, community features, unique homesand top sellers throughout the region to highlight where to visit,rentand buy.

Publish: April9•Close: February 26 •Section: Mansion

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ARTS & ENTERTAINMENT PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, February 25, 2021 | A11

Clockwise from left: Olivia Colman and Anthony Hopkins in ‘The Father’; John Jurgensen with his mother; ‘Dick Johnson is Dead.’ GENSEN JUR narios aremoregrim. One began

JOHN with an actual night of trick-or- treating forDick and his grandkids,

NETFLIX; captured on camerabyhis daugh- ter. When he gotweary, she sta- ICS;

SS tioned him at afriend’shouse,

CLA wherehewokeupfrightened in an unfamiliar apartment. Ms.Johnson also recreated that PICTURES experiencefromher dad’spoint of NY

SO viewinthe film. We see amovie : set representing ahaunted version LEFT of that strangeapartment, where OM

FR Dick wandersinhis Halloween cos- tume,encountering locked doors. Such side-door techniques made these movies moreapproachable Reckoning With ‘The Father’ than straight-on depictions of Alz- heimer’s.That’sprobably whyI steered clear of “Still Alice” until A writer whose family dealt with Alzheimer’s explores films about people living with dementia recently.The fictional drama tracks the mounting effectsofthe disease on alinguistics expert (Julianne BY JOHN JURGENSEN That question only hintsatthe Moore)and her family.Itcame out myriad thingssomeone experiences in 2014, when my family wasdeep ymother wasthe as her neural pathwaysturn into intoour version of that story. reason Iinitially re- dead ends.Mymom’sproblems be- Brutal, in aword, is howViggo sisted “The Father.” ganwith spatial perception. She got Mortensen rendered the disease in Thenew film stars lost on awalk in the neighborhood his firstfeaturefilm as awriter M AnthonyHopkins as that had been home for40years. and director.His recently released aman struggling Later, her other senses became part “Falling” featuresactor LanceHen- against the effectsofdementia. of the maze. She’dwinceatfamiliar riksen as aman whose dementia That synopsis wasenough to trip noises,orfix her gaze on something uncorks torrentsofhateful words. my avoidanceinstinct, despitethe no one else in the room could see. Not everyone with Alzheimer’s time that has passed sincemy What wasit? It’simpossible to lashes out with bitterness. My mom’sdeath, on Feb. 18,2017, at knowbecause the isolation of Alz- mother felt fear,confusion and age76fromAlzheimer’s disease. heimer’s is mutual: As it gets physical pain, but the disease dis- Ihad learned all Iwanted to harder forthem to communicate tilled the quiet kindnessofher per- knowabout dementia from her. with us,itgetsharder forusto sonality intoanelemental form: Over seven years, Isaw it change comprehend their perspectivein- Joan Jurgensen from the captain of side amind untethering from mem- my family to acastaway adriftin ory, languageand more. Filmmakers ‘The Fa ther’ uses time and place, who fussed over in- who have observed this firsthand visible children at her feet, grieved saytheir medium is uniquely suited cinematic tricks to make aneweach time she learned that to bridging that divide. the main character’s her parentsdied decades ago, and the main character’s mounting dis- storyonanemotional level.” “For me it’ssoconnected to this sang church hymns even aftershe orientation feel firsthand forthe Iasked Mr.Hopkins howhein- decades-long experienceIhaveof dementia feel firsthand. struggled to form linear sentences. audience. Forme, the effect wasn’t habited acharacter with an unreli- being acameraperson, because the But lately I’vebeen re-examin- just areminder of my experienceof able mind. He said his memoryis cameraisalways allowing me to ing that chapter,drawn in by the Alzheimer’s,itwas asurprising strong.At83, he paints, memorizes look deep intopeople’seyesand work of filmmakersusing cinematic glimpse intomymother’s. poetry, practices Brahms and Rach- wonder what’sgoing on in there,” smiles,chuckles,politerepeated techniques—manipulations of time, Themovie featuresMr. Hopkins maninoff on the piano and, at the said Ms.Johnson, whose mother, questions,fragmented anecdotes perspective, setting and genre—to as the 80-year-old title character, time we spoke, wasreading “Bleak Katie Jo,died of Alzheimer’s at age about people doing their best. Evi- explorethe interior worlds of de- also named Anthony. It is largely House.” Theactor said he followed 78.That wasadecade beforeher denceofher organizational mind- mentia. setinaLondon flat whereheinter- the map laid out in the screenplay father,Dick,apsychiatrist, began set remained in hands that ar- Last year’s “Relic,” from writer- actswith his daughter,playedby for“TheFather” (adapted by Chris- showing signs of dementia. ranged objectsinthe air,and in director Natalie Erika James,isa Olivia Colman. As we navigatewith topher Hampton and Mr.Zeller “Dick Johnson Is Dead,” nowon recurring phrases such as “putting horror movie set in ahouse mirror- Anthonyaround rooms with multi- from the director’s playofthe same Netflix,isone of 15 films on the Os- everything in just the right place.” ing the spaceinside itsowner’s de- ple doorsand aconnecting corri- name). On set, however, seemingly cars shortlist forbest documentary. This wasshattering to witness teriorating mind. In “Elizabeth Is dor,the placestartstofeel likea mundane thingsturned intoimpor- In the film Ms.Johnson made her yetfascinating at the same time. Missing,” arecent PBS movie star- labyrinth. Furniture, wall colorings tant access points. processastransparent as her mo- That same tension is at work in ring Glenda Jackson, 84 yearsold, and other décorswitch between In one scene,his character tives.“It’sanexperiment,” she told these movies that flip our frame of awoman’smemorylossisaplot scenes,though we don’t always no- struggles to put on asweater.It’sa me.“Howcan we keep my father referenceonthe disease. deviceand ametaphor in her tice. With Anthony, we encounter fleeting moment, yetittriggereda aliveforever? Howcan we keep the “The Father” borrowsthe claus- search foravanished friend. In the newcharacterswho behave as if crash of emotion within Mr.Hop- dementia from pulling him apart?” trophobic style of athriller,asAn- format-bending documentary“Dick they should be familiar.Such de- kins.Ashefumbled inside the gar- On one level, the movie chroni- thonyflashes from charm to anger, Johnson Is Dead,” filmmaker tails (Anthony’smissing watch, his ment, the actor felt “the terror of cles the phases of her chipper,in- and reactstocharacterswho seem Kirsten Johnson grapples with the absent second daughter) makethe the losing,the anchorsgoing.” quisitivefather’s decline.Atthe suspect. As the factshe’sbeen impending lossofher father by storyplaylikeamystery.But not “That’swhat really crucified same time,his daughter delves clutching at eventually fall away,he casting him in faux movie scenes, all the clues add up.Asdirector me,” he said. “Just putting on the through the symbolism of it all, asks,“What aboutme? Who, ex- completewith stunt doubles and Florian Zeller told me,“Themo- sweater.” with his participation, in Holly- actly,amI?”Whereheisand when elaboratesets. ment comes when youcannot un- Aftermymother wasdiagnosed, wood-style tableaus.They include arealso in question forAnthony, “The Father,” to be released Feb. derstand everything,and youhave people trying to gaugehow bad loopy scenes showing Dick (now88 but the way these answers arere- 26 and nominated forfour Golden to let it go, as the main character thingswerealmost always asked: and living in adementia-carefacil- vealed to us deepens the feeling of Globes,uses subtle tricks to make does.Then youcan understand the “Does she still knowwho youare?” ity) in ablissful afterlife. Other sce- what it’slikefor him there.

WHATTOSTREAM the premise is that strong,you’ve ent languagethan what we do in gotthe golden ticket. And no one animation. But this is one that Ifelt does everyman in peril betterthan wasusing visual language. It was Golden Globe Jason Bateman. Youwant to see using the framing.Itwas using the howhe’sgoing to deal with certain crosscoding.Itwas using the color Films,Series situations.And in away,it’skind of palette.Itwas using alot of visual masochistic,towatch something cues that Ifeel were almost paint- To Watch whereyou’resoanxiety-ridden. He erly or graphic design-y in how also has that rare thing wherehe they shot it. It’sshot beautifully.” canconvey[it] comedically in amo- BY CHRIS KORNELIS ment when it shouldn’t be present. Cynthia Nixon Recommends Whether it’sthrough gestures or ‘The Crown’ ooking ahead to the Golden osmosis,hecan kind of makeyou (Netflix) L Globe Awards SundayonNBC, laugh in the most heightened situa- Ms. Nixon is nominated for her we reached out to four nomi- tions.” role in Netflix’s “Ratched.” She rec- nees about what they were en- ommends aseries about the life of chanted by in the last year. Here, Susanne Bier Recommends Queen Elizabeth II and her family they each recommend one of their ‘Judas and the Black Messiah’ Laura Linney, left, and Jason Bateman were each nominated for Golden that’s up for multiple awards. in- favoritenominated titles.Edited ex- (HBO Max) Globes for their roles in the third season of 'Ozark,' streaming on Netflix. cluding best drama series. cerpts: Ms. Bier directed and executive “I waslatetothe party and only produced HBO’s limited series, “The started watching ‘The Crown’ last MatthewRhysRecommends Undoing,” which is nominated for sidered agreat director.For me,a ple awards, including best director year.The addition of Olivia Colman ‘Ozark’ multiple awards. She recommends a great director is someone who for Emerald Fennell. waswhat made me really want to (Netflix) film about the assassination of makes me forget that I’m watching “‘Promising Young Woman’ just check it out. Iloveeverything about Mr. Rhys is nominated for his Black Panther leader Fred Hampton, amovie and makes me sense that haunted me.It’sabout awoman it. performance in HBO’s “Perry Ma- whose star, Daniel Kaluuya, is nom- I’m part of areal story, that I’m named Cassie,whose friend was Thewriting is top-notch. But it son.” He recommends Netflix’s se- inated for best supporting actor. part of aworld. And Shaka King raped yearsearlier,and setsout to is the way the writing is brought to ries about acouple that launders “You cantell when something is does that with ‘Judas and the Black exact revengefor what happened to lifebythis enormous and wildly tal- money for adrug cartel, now three really well-directed. It has to do Messiah.’” her.It’saverydark revengestory— ented cast that makes it magical. seasons deep. “Ozark” is nominated with acohesivenessofthe expres- but not Tarantino-esque,because I’m not someone who had previ- for multiple awards, including a sion. Everything is talking in the Tomm MooreRecommends it’snot satisfying.Carey Mulligan ously been very interested in the best actor nod for Jason Bateman. same language: design, costumes, ‘Promising Young Woman’ plays the main part, and she’s royalfamily,but getting to watch “What Ialways harken to about photography, all of it is doing the (Various) amazing in it. the interplayofEnglish national ashowis: What’sthe initial hook? same thing and all of it is serving The co-director of Apple TV+’s Apart from everything else,just politics with Windsor family politics Afterthe firstepisode of ‘Ozark’ the storyand itscharacters. Tradi- ‘Wolfwalkers’—nominated for best the craftofitblewmeaway.There is really funand absorbing.And I yougo: oh, s—, howisthat gonna tionally,ifyou do alot of insane, animated feature—recommends a arealot of live-action movies I feel likeI’m getting ahistorylesson

NETFLIX resolve? And then you’rein. When crazy technical stuff,you arecon- #MeToo revenge film up for multi- lovethat areinacompletely differ- to boot.” P2JW056000-0-A01200-1------NS

A12 | Thursday, February 25, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | ARTS & ENTERTAINMENT

BY NEIL SHAH

ow does the music 15cents businessdecide of every dollar who helped write earned by a song asong? With ev- on streaming goes Heryone from Bob to songwriters and Dylan to Shakira publishers. selling their songbooks for hugesums,it’sanincreasingly important question. Themarket forsong cata- comes down to your own logshas never been hotter conscienceand ethics.” thanks to the success of Meanwhile,big-name art- streaming,aviewonWall istsmay seek acut of song- Street that music royalties are writing formaking aguest avaluable asset and artists appearance. If someone gets looking to cash out beforea credit foreven1%ofasong’s potential increase in the capi- writing,they receiveequal tal-gains tax. billing in the liner notes— This is fueling amusic- giving the fan the impres- copyright gold rush, including sion that therewas asignifi- recent sales by membersof cant contribution. Receiving Wilson Phillips,Post Malone aslightly smaller split may collaborator Louis Bell,and not sound likemuch of a pop producer Ryan Tedder, lossfor asongwriter.But who sold amajority stakein those lost chunks add up his catalog,including songs over the course of acareer, by Beyoncé and Adele,toin- crimping their ability to vestment firm KKR,inadeal build ahefty portfolio.“Your valuing his catalog at nearly rightscan be your pension,” $200 million. says Ms.Bosher. Thesales benefit anyone Some artistshavespo- credited with writing ahit kenout about the issue. song.Yet who gets that credit Jack Antonoff,anartist, is complicated. In 2020,the songwriter and producer averagenumber of writerson who has worked with Tay- aNo. 1hit on the BillboardHot 100 publishers, who Page,founder of lor Swiftand Lorde, has discussed singles chart was5.5 writers, ac- areseparatefrom Who ReallyWrote Page 1Manage- what he called a“problem of pro- cording to GaryTrust, Billboard’s record labels,own ment. ducerstaking writing credit.” “I’ve senior director of charts. That’sup the songwriting It is more had manypersonal scenarios where from 2.1 writersin1990. copyright, earning complexinhip- someone’sproduced something for It is an open secret in the music royalties on sales, That Hit Song? hop in part due to me,and then called my manager industrythat not all of the people streams,perfor- the frequent use and [wanted writing credit],” he

GES credited with writing asong actu- mances and use of song samples. said in an interviewwith the Jour-

IMA ally did. Songwritersare increas- in television, films Thewritersof nal in 2017. “And I’ll be like, ‘But ingly giving chunks of their publish- and videogames. It’s Complicated sampled songsbe- they didn’t writeit’.” GETTY

: ing copyrightstotop producersor Labels historically come songwriters TO superstar artistsfor production have owned the on the newtrack. What’sdriving the grabbing

PHO work,guest appearances or song- sound-recording copyright. an intellectual-property lawscholar. Ahip-hop song canstart as a50/50 of credits? writing opportunities,executives Only about 15 centsofevery dol- But thereisnostandardway to split between the “beat” or instru- Hip-hop,which blursthe line be- say. Forsongwriters, this reduces lar of income generated by asong determine splits, leaving the process mental (supplied by arap producer) tween songwriting and production, JOURNAL; royalties and means asmaller cata- on SpotifyorApple Music in the open to the powermoves of produc- and the lyrics (supplied by arap- has changed the way pop hitsare

REET log,which canlead to alowerpay- U.S. goes to songwritersand pub- ersand starswith the most muscle. per). Themoresamples,producers made.Today’spop songsoften in- ST out. Forfans,itmeans an album’s lishers, according to industryesti- and guest rappersinvolved in the volveabedrock track made by apro- LL Do things vary across WA liner notes about who wrotewhat mates.The majority—some 55 song,the moresplits. ducer--just likeinhip-hop--normaliz- maybemisleading. cents—goes to the ownersofthe genres? ing the practiceofpop producers THE

O/ Here, four key questions about sound recording.(Thestreaming Yes. Rockbands oftenhaveitsim- So what’sthe problem? asking forpublishing credit. songwriting “splits” as they are servicegetsthe other 30 cents.) pler,especially if they writetheir ba- Therehavelong been instances of Meanwhile,ownership of music DILILL

A known: Today, this 15 centsisshared by sic tracks beforehitting the studio, powerful people sometimes grabbing copyrightsisincreasingly afocus for LIS several songwriters. That’spartly be- making it clearer who wrotewhat. In credits. But in recent years, it’sbe- powerful artistsand producerswho BY Howdosplitswork? cause superstarssometimes send out pop,moresongwritersare involved come routine forimportant produc- knowhow much they’reneeded fora ION Everyrecorded song has two copy- half-done songsto10potential con- andthe contributions of writersand erstoask forachunk of the song’s hit to pop: Some 55,000 newsongs AT

TR rights—one forthe songwriting (the tributorsand pick the best contribu- producersmay blur.Acommon sce- publishing even if they didn’t write areuploaded on streaming services US melody and lyrics) and another for tions—a “song-by-committee” ap- nario is fortwo songwriterstowork much or at all, music executives say. everyday,making the value of hav- ILL

TO the sound recording itself (the “mas- proach that increases the number of with aproducer,with the credits “I’m not surewhy it wasallowedto ing ahousehold name attached to

PHO ter” recording). Songwritersand songwriters, says Hayleigh Bosher, split equally,according to Ashley creep in,” says Mr.Page. “It really your song vital.

Sotheby’s To Auction Heiress’s ArtWorks

BY KELLY CROW

he pandemic kept most T plum art estatesaway from auction in 2020, but Sotheby’sjustlandedthe Texas-sizecollection of Fort Worth rancher and oil heiress Anne Marion. Ms.Marion, who diedearly lastyear at age 81, wasmarriedtoaretiredSo- (2)

theby’schairman and famed S Y’ auctioneer,John Marion. THEB

Beginning in May, So- SO theby’s plans to sell roughly 200 works worth at least Ms.Marion’s reputation as Sotheby’s auctioneer and $150 million combined from ahorse-breeding, cultural doy- Episcopal priest who offici- Ms. Marion’s estate of 20th enne could add to the works’ ated at the Marions’ wedding, century art and jewelry. It is appeal. The fourth generation labeled the couple a “magical shaping up to be the art mar- of apioneering ranching fam- combination” who shared a ket’s first major estate test ily—her great-grandfather was love for American painters. of the year. among the first in Texasto The couple helped found the None of the piecesinthe grazecattle—she managed Georgia O’Keeffe Museum in initial set of 18 postwar paint- and expandedthe family’s oil Santa Fe, N.M., donating doz- ings coming up forbid in New and quarter-horse empires ens of works in 1997. York is expected to fetchthe while maintaining a260,000- Thatsame year,Ms. Mar- $92million spentat ion helpedhireTadao Sotheby’slastmonth Ando to design anew foraBotticelli. How- building forthe Modern ever,the Marion es- Art Museum of Fort tate contains several Worth,which reopened colorful trophies in the with keyfunding from $20million to $35 mil- her in 2002. “That lion range thatcould gives youasense of gauge bidders’ willing- her energy,” Marla nesstosplurge.“The Price, the Modern’s di- market feels comfort- rector,said of Ms.Mar- able at those levels,” ion. “She wassoft-spo- said AmyCappellazzo, kenand funny, but she Sotheby’schairman of wasalso decisive.” fine art. Anne Marion, above, on her During her lifetime, Manyofthe workshave Texas ranch, collected art Ms.Marion donatedhundreds been out of sightsinceMs. including ‘Elvis 2 Times,’ top, of worksofart,including 149 Marion boughtthem in the a 1963 silkscreen by Warhol. piecesbyJackson Pollock, 1980s and 1990s,including Joan Mitchell and others, to ClyffordStill’sred and ocher acreranch, Four Sixes.She the Fort Worth Modern.Some abstract from 1948,“PH-125 took cues on art collecting gems of her collection will be (1948-No.1),” which is esti- from her mother,Anne Bur- donatedtomuseums,includ- matedtosell foratleast$25 nettTandy,who hired I.M. Pei ing paintings by Mark Rothko, million. Othersnod to Ms. in 1969 to design her angular, Arshile Gorkyand Willem de Marion’s cowgirl upbringing, concretehome in the town of Kooning. likeAndy Warhol’sgun-toting WestoverHills.Ms. Marion Sotheby’s is handling the silkscreenfrom1963, “Elvis 2 movedintothe home after bulk of her art holdings, Times,” which is estimatedto her mother died, and in 1988 though, and they reveal Ms. sellfor at least$20 million. she marriedMr. Marion, the Marion’s penchant for big Eventhe turquoise and apricot auctioneer who helpedher sell canvases and colorful ab- hues of RichardDiebenkorn’s her mother’s art estate.The straction. Kenneth Noland’s 1971 “Ocean Park No.40” year before, he handledthe target-like “Rocker,” esti- evokethe Southwest,said So- $54million sale of Vincent mated to sell for at least $2 theby’ssenior international vanGogh’s “Irises.” million, should offer a fresh specialistMichael Macaulay. Hugh Hildesley, a fellow test of the artist’s market. P2JW056000-0-A01300-1------XA

THE WALL STREET JOURNAL. Thursday, February 25, 2021 | A13 ARTS IN REVIEW

ARTREVIEW Quotidian America A show at the International Center of Photography makes the humdrum compelling

BY WILLIAM MEYERS varied spaces: rectangular rooms, passageways wide enough to facili- New York tate viewing,and atwo-story he International Center atrium with abalconyonthe sec- of Photographyisback, ond floor and a28-by-28-foot black really back; “But Still, It wall at one end. It’shardtomake Turns: Recent Photogra- the humdrum interesting,but it can TphyFromthe World” re- be done. deems the ICP from the Forinstance, one of the black- weak exhibition that inaugurated and-whiteimages in Vanessa Win- itsnew museum early last year.Al- ship’ssegment, “she dances on though curated by British photog- Jackson” (2012), is “Untitled (Ripple rapher Paul Graham, all the pic- on Pond)” (Valparaiso,Indiana, Nov. tures in the current showwere 19,2012). Thetrees beyond the takeninthe U.S.;David Campany, pond arebareofleaves, the skyis managing director of programs,as- overcast, the ripple is dissipating: sisted the nine photographerswith Whyisthis simple picturesosatis- the installation of their work.The fying? Is it that asense of the still- result is acoherent exhibition that nesswas broken by whatever not only shows the images to ad- caused the ripple? Ms.Winship (b. vantage, but the building as well. 1960) uses a4-by-5-inch viewcam- Mr.Graham told the Guardian a era, toobig to be unobserved, so decade ago, “The photographyI the subjectsofher portraitsac- Clockwise from above: RaMell Ross’s ‘Shaquan’ (2012); Vanessa Winship’s ‘Untitled (Seth and John, after the most respect pulls something out of knowledgeher presenceand hold Rodeo)’ (Fort Worth, Texas, Oct. 12, 2012); Emanuele Brutti and Piergiorgio Casotti’s ‘STL PEOPLE no. 13’ (2017) the ether of nothingness.” Thepho- still. Theyoung Black woman in tographersheselected forICP— “Untitled (Rosa in the Car)” (Rich- RichardChoi, GregoryHalpern, Cur- mond, Virginia, March 28,2012) is a different strategy for the color ranHatleberg, Kristine Potter, remarkably unabashed and com- photographs in his segment, RaMell Ross, Stanley Wolukau-Wan- posed. Similarly,the two men in “South County, AL (a Hale ambwa, Vanessa Winship,and the cowboyhatsin“Untitled (Seth and County)” (2012-20). Mr. Ross is duo of Piergiorgio Casotti and John, afterthe Rodeo)” (Fort Black and his subjects are Black, Emanuele Brutti—largely subscribe Worth, Texas,Oct. 12, 2012) commit however they are seen at a dis- to this aesthetic.That is,their pic- themselves to the camera, trusting tance as if he were reluctant to in- tures arenot markedly narrativeor the photographer.Likevirtually all trude on their privacy; faces are dramatic,but instead arerecords of the pictures in this exhibition, Ms. glimpsed only partially or not at dailiness—the prosaic goings-on of Winship’sare digitally produced all. In “Yellow” (2012), we see the ordinarypeople—or unspectacular pigment prints; the eraofsilver gel- dress of the little girl hiding be- landscapes.Mr. Campanyarranged atin is over. hind a bush in an open field, but it the eight segmentsinthe museum’s RaMell Ross (b. 1982) employs is only her ear and her braids that tell us she is Black. The dog in “Boys” (2014) faces the camera, but the three boys sitting on the swings in the middle-distance are wearing hoods and face away, so there is no knowing their race ex- cept for their inclusion in Mr. Ross’s project. “Shaquan” (2012), a heavy-set woman in a yellow blouse and black pants, turns her head toward the camera, but her face is partially obscured by the branch of a tree. Strangely, we have a sense of these people even at such a remove. UTTI

BR Thepeople in the random klatches Curran Hatleberg(b. 1982) shot in Eureka, Calif., forhis “Lost

EMANUELE Coast” project (2014-16) seem to be just hanging out. Thefour adults AND (one woman holding ared jerry TTI

SO can), three girls (two with redhair),

CA one infant and four gray dogsin

GIO “Lost Coast (8)” (2014) arehaving a

GIOR neighborly encounter along aone-

PIER lane dirt road. Thegang of adults, children and dogsoutside ahouse (2016-18) by Emanuele Brutti (b. subjects in Mr. Graham’s “ether of with peeling paint in “Lost Coast 1984) and Piergiorgio Casotti (b. nothingness.” The wall texts have

WINSHIP; (36)” (2014) aregathered forabar- 1972). The color photos record an occasional whiff of woke-speak, SA becue amid scatteredplastic toys. stretches of avenues in St. Louis; but ICP’s exhibition is serious and NES Kristine Potter (b.1977) shot unpre- the black-and-white, portraits and pleasurable photography. VA ; possessing landscapes in black-and- rooms. In “STL PEOPLE no. 13” SS

RO whitefor her “Manifest” project (2017) an overweight woman But Still, It Turns: Recent Photog- (2012-15)—a track through scrub in wearing a blouse decorated with raphy From the World MELL

RA “Excursion 1” and “Excursion 2” death’s-heads stands looking out International Center of Photography,

P: (both 2015), dirt and an abandoned through Venetian blinds in a room through May 9 TO tirein“Spring Landscape (Crawling with a stove, a salon-type hair- OM

FR Paths)” (2015)—conferring signifi- dryer and a Fender amp. Mr. Meyers writes on photography canceonthem through her framing. In their various ways and with for the Journal. See his photo- WISE There are both black-and-white varying success, the photographers graphs at www.williammeyerspho- OCK

CL and color pictures in “Index-G” in “But Still, It Turns” found their tography.com.

TELEVISION REVIEW |JOHN ANDERSON Feuding Lordsand Their Fighters

THE OSTENSIBLE SUBJECTS of tory, traditions and politics not “Age of Samurai: Battle for Japan” just of the samurai but of Japan it- are dubbed “the mounted knights self. It is as much about the “Age” of old Japan”—and while a prop- as of the “Samurai” and follows a erly romantic description, it falls a path familiar to Netflix documen- bit short: The sword-wielding mar- tary viewers: Historians and other tial artists of the feudal era academics and authors comment (1185-1868) have not only taken up on the story being retold, while residence in the Western imagina- dramatic re-creations follow it— tion but created ornate, interlacing often, in this case, to harrowing connections between pop cultures effect. According to one of the in- East and West. Akira Kurosawa, terviewees, samurai, a word that for instance, who was a student of originally meant “servant,” were John Ford, portrayed his heroes “probably the greatest warriors like the gunslingers of the Old the world has ever known.” This is West, or even Prohibition gang- precisely the kind of unprovable sters. Detective novelist Dashiell hype that might turn a viewer off, X

Hammett’s 1929 “Red Harvest” though the dramatic portions of LI TF

was the basis for Kurosawa’s the program strive to make it NE “Yojimbo,” which in turn inspired seem so: The descriptions, ac- A scene from the six-part documentary series ‘Age of Samurai: Battle for Japan’ on Netflix Sergio Leone’s “A Fistful of Dol- counts and dramatic re-enact- lars,” which inspired the Bruce ments of the “melee combat” con- Willis movie “Last Man Standing.” ducted with the legendary katana of the powerful Oda clan at a time not before modernizing military gawa and others, all of whom Beneath all the intersecting fic- (samurai swords) result in geysers when the central government of strategies and introducing fire- seem to agree on almost every- tional mayhem lay feudal roots. of blood, rolling heads and cer- Japan had collapsed and incited arms into what was previously an thing that happened, which seems Most of us samurai-movie fans tainly are meant to impress view- civil wars across the country arena of hand-to-hand combat. odd: Aren’t historians supposed to just don’t know where or what ers with not just the degree but among the various power- and “Age of Samurai” has an inter- disagree? One might expect more they are. the intimacy of the violence that land-hungry daimyo, or warlords. national cast of academicians, clashing of academic katanas, but The experts in “Age of Samurai” occurred between rival clans, The principal character, beginning some quite captivating, on hand to they are as unified as Japan would certainly do. And they tell far which used the samurai as their with episode 1, is Oda Nobunaga, deliver a historically substantiated be, more or less, when the feudal more than the average viewer is infantry. the unpredictable, bloodthirsty account of the samurai and their bloodletting was over. going to be able to consume over It’s a fascinating narrative re- and ultimately brilliant son of No- emerging nation. They include the the six parts of the documentary told and begins here in 1551 with buhide who would become the historian-authors Stephen Turn- Age of Samurai: Battle for Japan series, which is devoted to the his- the death of Oda Nobuhide, head first “great unifier” of Japan, but bull, David Spafford, Tomoko Kita- Netflix P2JW056000-0-A01400-1------XA

A14 | Thursday, February 25, 2021 THE WALL STREET JOURNAL. SPORTS

BY ANDREW BEATON

sTiger Woods recovers from serious leg injuries suffered in arollover Aaccident Tuesdaymorn- ing outside LosAngeles, the golf world is again trying to an- swerthe question that has loomed over the sport forthe betterpart of adecade.

Is Tiger done? S

Woods underwent emergency PRES surgery afterhefractured bones in TED

multiple places in the accident. He CIA

had arod, screwsand pins inserted SO to stabilizehis leg,foot and ankle. AS He experienced trauma to his leg’s

muscle and softtissue. TERRILL/ Thequestion of his golf futureis J.

difficult to answerbecause rela- MARK

tively little is known about his pre- S,

cise condition and so few athletes PRES

in historyare even vaguely compa- TED rable to him. OCIA

It’salso not the firsttime Woods SS /A

has faced such questions.They sur- CK faced beginning in 2008,when knee surgeries derailed his career,and EBENHA

2009,when he crashed an SUVinto M. afirehydrant and atreeamid what became an ugly public marital scan- PHELAN

dal. He suffered numerous other in- P: juries over the ensuing years, in- TO OM

cluding to his back and Achilles. FR Even beforethis crash, Woods wasonadifficult road to recovery from his latest physical challenge. Can TigerWoods Come Back—Again? He recently had afifth back surgery that had already sidelined him for the start of the 2021 season. He’s also 45 yearsold and competing The golf star suffered significant leg injuries after his car accident. He faces a difficult recovery. with younger talentswho barely re- member the erawhen he changed golf forever. Tiger Woods, top, in action during wheel of his car. He wasfound to But issues that would have December’s PNC Championship. Left, have two painkillersamong the five complicated his latest come- Woods was driving a Genesis GV80 drugsinhis system at the time. back have nowbeen com- SUV during his accident on Tuesday. At last weekend’sGenesis Invita- pounded by anew set of in- tional, an event he hosts, Woods juries that threaten to aged his ankle joint, which could said he wasstill going through the abruptly end his career. have implications forany potential mundane stages of rehab from his Woods,who has won15 return to golf.Ifthereisn’t arthritic latest back surgery.Helast played majors, three short of Jack damageinthe ankle joint, Dr.Mal- in December’s PNC Championship, Nicklaus’srecord, is already lon said, “long term he should be whereheplayedwith his son, and regarded by manyasthe able to walk and theoretically play washolding out that he could play greatest golfer ever.Hehas golf again.” in April’sMasters. been the architect of aroller- Thestart of the healing process “God, Ihope so,” Woods said on coaster career defined by should take weeks while it will take Sunday. glory, scandal and injury. He months to fully heal, atime when Woods’scapacity to recoverand rose to become one of the he will return to basic steps like playthrough body woes has most successfulathletes on walking and putting weight back stunned the world before. His de- the planet. He fell from grace ontothat leg. termination is one cause foropti- amid the 2009 scandal, Thetinysliver of good news for mism. Theother is another all-time which wasfollowedbyyears Woods: the major surgery occurred great from over ahalf-centuryago. of career-threatening ail- on his right leg.Right-handed golf- Ben Hogan wascoming off his ments. Then he returned to erslikeWoods put far morestress thirdcareer major championship on the pinnacle of his sport by on their leftlegsasthey swing. the foggyday in February1949 winning the 2019 Masters. gery.Authorities said that they are serted intothe tibia, Dr.Mahajan Thebad news is that Woods was when aGreyhound bus slammed He remains golf’s biggest draw investigating the circumstances that said in the statement. Comminuted already recovering from adifficult intohis Cadillac and lefthim with morethan two decades afterblaz- led to the crash. On Wednesday, Los fractures describe breaks that hap- injuryevenbeforethis serious car injuries acrosshis body,fromabro- ing ontothe scene,and he still has Angeles County Sheriff AlexVillan- pen in multiple places as opposed wreck—and that ailment maystill kencollarbone to abrokenankle been capable of winning anytour- uevasaid Woods was“not drunk” to othersthat fractureintojust two be the one that determines if and with rib damageand adouble frac- nament he enters, even if other and it was“purely an accident” so pieces.Additional screwsand pins when he canreturn to the course. tureofhis pelvis in between. His golfersnolonger fear Woods the he is not expected to facecriminal were inserted to stabilizeWoods’s “He should be able to playagain colleagues feared he wasdead when way they did at his peak. charges. Therewas no evidenceof foot and ankle,while trauma to the from this,” Dr.Mallon said. “But I they heardabout the crash. His But his recent back surgery was impairment on the scene,hesaid. muscle and softtissue required a still think the back is the rate-limit- doctorsfeared that he wouldn’t be atroubling development that might Woods underwent along surgical surgical release of the muscle’scov- ing factor here.” able to walk again. He wonthe U.S. have been the medical procedure procedureonhis lowerright leg ering due to pressure. Woods said in Januarythat he Open the next year. that he couldn’t overcome—and and ankle afterbeing brought to That’salong list of injuries.That had recently undergone back sur- Hogan winning six majorsafter that wasbeforeTuesday’scrash. the hospital, according to astate- also means there’salong list of po- gery—his fifthproceduresince his ownterrifying caraccident was Woods wasdriving aGenesis ment posted to Woods’sTwitterac- tential outcomes. 2014, on apart of his body that left the greatest comeback his sport had GV80 SUVnear LosAngeles when count early Wednesdaymorning. Dr.Bill Mallon, aformer PGA everyone,including Woods himself, ever seen. Woods has the advantage his carhit the center median, and Thehospital’schief medical officer, Tour golfer turned orthopedic sur- unsureifhewould be able to com- of modern science, medicine and then atree, flipping multiple times Anish Mahajan, said he suffered geon, said the most immediaterisk peteagain. He playedjust onceon golf technologyoverHogan, but Ho- as it traveled several hundred feet “significant orthopedic injuries.” is apotential infection stemming the PGATour in 2016 and 2017. ganhad one thing going forhim intobrush. Emergencyresponders Woods suffered comminuted from the fracture. But the tibia, That year,2017, Woods’sinjuries that no amount of money canbuy had to extricatehim from the man- open fractures affecting both the with the rodinserted, should heal and historyofvehicular mishaps forWoods: He had the back of a gled carwith apry bar and ax be- upper and lowerportions of the well, he said. converged. While he wassidelined, man who wasnine yearsyounger. fore he wastaken to Harbor-UCLA tibia and fibula bones in the leg, Thebiggerquestion over the he wasarrested in Mayof2017 —Ben Cohen contributed to this Medical Center foremergencysur- which wasstabilized with arod in- long runiswhether the injurydam- when policefound him asleep at the article.

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THE WALL STREET JOURNAL. ** Thursday, February 25, 2021 | A15 OPINION Neera Tanden’s Death by Twitter BOOKSHELF | By David A. Shaywitz

JoeBiden’s dering howthe phrases “Neera this endless stream of insults From Code nomination of Tanden” and “U.S. budget di- against U.S. senators. NeeraTanden rector” fittogether,let it be I think Sens. Manchin, Col- to run the Of- noted that Ms.Tanden was lins and Portman arecon- fice of Man- oncepresident of the Center cerned about something be- To Clinic agement and for American Progress, a left- yond Ms.Tanden’sOMB WONDER Budget looks of-centerthink tank that has nomination. Mr. Manchin has LAND as if it is go- published fact-filled policypa- become famous recently for The Genome Odyssey ing to fail personpublic issues.Which is saying he won’t vote to end By Daniel Senateconfir- to saythat in an earlier life, the legislativefilibuster,as By Euan Angus Ashley Henninger

mation be- Ms.Tanden wasaserious per- OL has fellowDemocratic Sen. (Celadon, 380 pages, $28.99) cause of son. Then she discovered PO KyrstenSinema.Actively pro- S her ...tweets. As the long-ago Twitter. tecting the Senate’s preroga- n the months after Carson Miller was born, his parents talk-show host Jack Paar was I’m fascinated at howso /PRES tives is an overdue step to- I Danny and Nikki—a young couple living in Northern the first to say, I kid you not. manypeople who become ad- ward not letting the legislative California—noticed that he was having trouble with

DemocraticSen. JoeMan- dicted to social media’shourly HARNIK branch become moribund in basic movements, like rolling over and crawling. He man- chin most likely sank Ms. injections of bile think that an erawhen national policyis aged to take a few steps at 12 months but never got beyond

Tanden’snomination when he somehowit’snot really public, ANDREW increasingly set by whoever that. When his brother Chase was born a year later, the said he would vote against her. or that no one beyond their wins the presidency, as in Joe parents’ anxiety turned to dismay as the younger boyalso He joined three Republicans in troll world will notice. couldn’t take it anymore. Biden’sstream of executiveor- struggled with motor activity.Desperatetounderstand what opposition—Sens.Rob Port- Amid Ms.Tanden’scurrent NeeraTanden isn’t setting any dersand those of the two waswrong,Dannyand Nikki took their wheelchair-bound man, Susan Collins and Mitt crucible, it has been reported precedent as ahigh-level presidents before him. children to aseries of doctors, enduring test aftertest; yeta Romney.OnWednesday, two that in preparation forher Twitter self-immolator. She’ll Sen. Manchin, explaining diagnosis remained elusive. Finally,the family sawagroup Senatecommittees “post- confirmation hearings, she de- always be No. 2. his opposition to Ms.Tanden, of medical detectives—part of an academic consortium poned” votes on her nomina- leted 1,000 of her Twitter ac- Beyondself-destruction, a said her “toxic” tweets would called the Undiagnosed Diseases Network—who subjected tion,which means,it’smelt- count’s88,000 tweets. Athou- more serious concern is the impair her ability to work with the family’s DNA to acomprehensiveanalysis.The doctors ing. sand deleted tweets???!!! Does implication for free speech of Congressasbudget director. at last identified the problem: an unusual defect in the Twitterhaveatool forscan- disqualifying people for what That assumesshe has much energy machineryofthe boys’cells.Diagnosis firmly in hand, ning and erasing auser’s they have said (or tweeted). interest in working with Con- the family could nowturn their attention to treatment. Does the site have tweets, which on second or Ithink calling Mitch gress, which Idoubt. Dimin- Thefact that critical information lurks within the three thirdthought were abad idea? McConnell “Voldemort” is ishing the role of the legisla- billion or so pairsofletters representing our genetic a tool for deleting SenateMajority Leader kind of funnyand fair game— tivebranch is aprogressive instructions wasakey driver of theHuman Genome Project, 1,000 self-destructive Chuck Schumer says it will be just as the connotative effect goal dating back to Woodrow begun in 1990 and completed, with suitable fanfare, 13 years hypocritical if Ms.Tanden is of calling Sen. Schumer Wilson, as Ms. Tanden surely later. But translating DNA sequence into actionable insight political tweets? defeated foracabinet post by “Chuck” makes sense.Col- knows. She has little use for hasn’t been easy. This is a major theme of “The Genome Republicans who “looked the umns of political opinion, one Congress, which would explain Odyssey,” Euan Ashley’s impassioned, firsthand account of other way” from Donald mayhavenoticed, would be why she was so dismissive of the effort to bring genomic In her yearsbeforethe Trump’s all-through-the-night out of business if they had to even Sen. Sandersand why dataintoclinical practice Twittermast, Ms.Tanden Twitterrants, which by the be writteninpatty-cake prose. shereflexively mocked sena- and help patientslikeCarson tweeted that Mitch McConnell way,the NewYork Times took But it’s hard to credit pro- tors. It’s not them personally and Chase. was“Voldemort” and “Mos- the time to compile last month gressives’ complaintsabout but their institution that is an For starters, says Dr. Ashley, cow Mitch,” compared Ted as “The CompleteList of punishing Ms.Tanden forfree, impediment to her force-fed a cardiologist and geneticist at Cruz unfavorably to vampires, Trump’sTwitterInsults if ill-considered, speech when agenda. Stanford, there was the price— called TomCottona“fraud,” (2015-2021).” they have transformed what TheCenter forAmerican prohibitively high early on. said that Bernie Sanders—a In fact,rather than turn a people say—going back to Progresswas the originator of Thanks to advances in tech- frequent Tanden target—was blind eyetoMr. Trump’sTwit- writingsincollege—intoajus- the argumentsfor Barack nology, the cost of sequencing helped by Russiainthe 2016 terfeed, everyone beggedhim tification for routine political Obama’sunilateral pen-and- an individual’s DNA has Democratic primaries,and in public and privatetostop and personal destruction. phone authority.That exper- declined a million-fold since called Sen. Collins’sreasons doing it, but he refused, insist- When that stops,the free- tise is whyJoe Biden, or 2003—the equivalent, he says, forvoting to confirm then- ing this was how he “commu- speech dialogues can begin. someone,wanted her at OMB. of a Ferrari plummeting from JudgeBrett Kavanaugh a“pa- nicated” with his base.Who No onewould understand She published the blueprints $350,000 to less than 40 cents. thetically bad faith argument candoubt it? But the belliger- better than Ms. Tanden, a fa- for ignoring Congress. The time required to decode a as coverfor President Trump’s enceofhis tweetscontributed mously hardball political Avotetodefeat her isn’t genome has plunged to days vicious attacks on survivorsof to the erosion of Mr. Trump’s player,that youpays your personal. It’sabout making rather than years or months. When Jazlene, a newborn girl sexual assault.” re-election support among money and youtakes your sure the Senate still matters. with a dangerously abnormal heart rhythm, arrived at Forreadersbynow won- suburban voters, who simply chances.She took herswith Write [email protected]. Stanford in 2014, Dr. Ashley and his colleagues were able to identify the genetic cause within days and “practice more ‘precise’ medicine” by fine-tuning the infant’s therapy. At the level of DNA,humans are99.9% identical, Dr. Peril and Opportunity for Trump at CPAC Ashley reminds us.The challenge, fordoctors, lies in figuring out which differences in the remaining 0.1% aremedically By Karl Rove canenemy—Somali pirates in the day’sstory line his decla- Mr.Trump could sayhe’ll pertinent. Formanyfamilies,the diagnosis of araregenetic that case—“so fast.” ration of civil waronother encourage, endorse and sup- disease marks the end of one journey and the beginning of t’s going be yuge, as Don- Backthen he wasallowed Republicans. port MAGA candidates in asecond one,focused on learning from similar patientsand I ald Trump might say. Mr. only five minutes to talk.A Mr.Trump took this ap- 2022, but avoid trash-talking partnering with researcherstosearch foracure. Trump’sspeech Sundayat prerogative of being the for- proach in his disastrous cam- otherRepublicans.Hecould While Dr. Ashley concentrates on genetic disease, he also the ConservativePolitical Ac- merpresident is he’ll have as paign stop the night before heed Florida Sen. Rick Scott’s highlights the promise of DNA “superhumans”—people who tion ConferenceinOrlando, much time he wants Sunday. the Jan. 5Georgia Senaterun- wise statement Tuesday that have been dealt an unusually good genetic hand. One Fla., will be his firstpublic Howheuses it will be impor- offs. If he repeats it at CPAC, Republicans “don’t have time” example: Sharlayne Tracy, a college student in Dallas who appearance since his calami- tant. he’ll be speaking to the forcivil warasDemocrats enrolled in a University of Texas Southwestern study of tous Jan. 6addressthat led to One approach would be to shrinking shareofthe elector- pursue a far-left agenda. cardiovascular health and was found to have astonishingly aviolent mob assaulting the devotethe speech to his anger atethat believes his every In short, Mr. Trump could low levels of “bad” cholesterol. DNA analysis revealed a Capitol. andgrievances over losing the claim. TheeventsofJan. 6di- help his supportersovercome genetic defect disrupting PCSK9, a protein involved in This weekend, Mr.Trump election. He could complain it minished the former presi- their frustration by offering a cholesterol metabolism. The discovery prompted several will againstir the political wasstolen and brag about dent’sappeal, and his shtick is forward-looking program of pharmaceutical companies to develop medications targeting waters,ashe’sdone in past winning morethan 74 million getting old. People aretuning action. He could even ac- this protein. Twoofthe drugs, forthe treatment of CPAC appearances.Athis votes. He could claim credit him out as his powertodomi- knowledgeMr. Biden as the stubbornly high cholesterol, have been approved by the FDA. first, in February2011, he an- natethe conversation and cow legitimatepresident and con- The ability to translate genetic data into therapies— nounced he was“thinking intraparty opponentsdimin- demn Jan. 6’sviolence. It rapidly—was evident in the response to Covid-19. A mere about” aWhiteHouse bid be- Will he double down isheseach day, whether he wouldn’t hurt and could actu- 48 hoursafter the genetic sequenceofSARS-CoV-2 virus cause Americahad “become a recognizes it or not. ally improvethe former presi- wasposted on the internet by China in January2020, whipping post for the rest of on grievance or begin There’s a second approach dent’s standing. American scientistshad analyzedthe dataand designed a theworld.” He had “partici- the arduous process of Mr.Trump could take Sunday. Leaderswho come out of vaccine; clinical trials started in March, and by the end of pated in many battles” and He could emphasizehis the wildernessafter defeat do the year the inoculation of health-careworkersand nursing- “really almost come out very, re-creating his image? agenda and contrast it with so by changing their approach home residentshad begun—an astonishing accomplishment. very victorious everysingle Mr.Biden’spolicies starting and re-creating themselves. time,” having “beaten many with the newadministration’s It’sunclear whether Mr. people andcompanies” and forevery GOP victory, from immigration proposal. He Trump has the ability to Theefforttobring datafromthe human “intelligently earned manybil- flipping House seatstoadding could shareanexpanded vi- change, especially after a de- genome intomedical therapyand practicehas lions of dollars, which in a statelegislativechambers, sion of wherehewould be feat that left him embittered sensewas both ascorecard while blaming others—notably taking Americaifhewerestill and isolated. What arethe been thrilling and frustrating. and acknowledgment of my Minority Leader Mitch in the Oval Office, something odds Mr.Trump takesthe abilities.” He spontaneously McConnell—for everyGOP he failed to do during his re- moreconstructivesecond called Rep.Ron Paul, winner failure, including losing the election campaign. He could tack? His choiceSundaywill And it’snot just vaccines.In“TheGenome Odyssey,” we of that year’s CPAC presiden- Senate. remind people of his pre- tell us alot about his future meet Christian Guardino,aLong Island boywhose deterio- tial straw poll, aloser with Mr.Trump could also de- Covid economic achievements. and what the GOP will facein ratedvision wasrestored by gene therapy.“Mom, is that “zerochanceofgetting clarehe’ll be involved in the He could finally expresscom- the next few years. Let’shope you?” he asked afterseeing her facefor the firsttime since elected.” Sound familiar? 2022midterms by endorsing passion about those who died Mr.Trump heeds the Grail he wasaninfant. Theroutine modification of human DNA Mr.Trump didn’t runin candidates who sharehis or suffered from Covid and Knight and chooses wisely. with gene-editing tools seems just around the corner.One 2012, but manythemes of his MAGA views and punishing declarehis pride in Operation approach, seeking to recapitulateSharlayne’slow cholesterol, 2016 campaign were there in those “veryweak” Republi- Warp Speed, which by his ad- Mr.Rove helped organize targetsPCSK9; othersseek to correct the defectsresponsible his 2011 remarks: defeating cans who’vebetrayed him, an ministration’sfinal week the political-action committee forconditions likesickle-cell anemia, the original example China, ending dependence on unsubtle messageofcross reached the daily vaccination American Crossroads and is of amolecular disease,identified by Linus Pauling in 1949. the Organization of the Petro- me and I’ll destroy you.If target Mr.Biden had set for author of “The Triumph of Theson of aScottish physician, Dr.Ashley displays an leum Exporting Countries,and Mr.Trump follows this route, the end of his first 100 days: William McKinley” (Simon & infectious enthusiasm formedicine throughout his promises to “blast” an Ameri- the media will happily make one million vaccinations. Schuster, 2015). chronicle,and he delightsinside-journeysintothe history of technologies likethe electrocardiogram and the defibrillator, a device distributed so widely these days that airports, gyms and hospitals have nowbecome “some of Texas Power Crisis Points to Wider Dangers thesafest places in the world to have acardiac arrest.” Dr.Ashley’s ardent positivity propels his storythough at By K.R. Sridhar bagsorseat beltsand forbade aged renewable energy.They ther diminish the resiliencyof times threatens to overtakeit: He describes ahalcyon automakerstocharge apre- should authorizehigher rates the energy system. Cities such world wherecolleagues arebrilliant, companies generous, he Texas powercrisis mium if these safety features forresilient electricity,sothat as Oakland and Berkeley,Ca- scientistscollaborative. Dr.Ashley’s almost exclusivefocus T demonstrated the fra- were provided. utilities canmakelong-delayed lif., have banned natural-gas on genetics mayalso have the effect of understating the gility of the nation’s Worse, manystatespenalize infrastructureupgrades. connections to buildings. Ad- role of environmental and socioeconomic factorsin electricity infrastructure. Out- customerswho trytoimple- Upgrading the entiregrid vocateslobby forreplacing disease. Your ZIP Code, it’s said, is often a better predictor moded policies and regula- ment their ownresiliencysolu- will take more than a decade. gas with electricity to reduce of health than your genetic code. tionshavedisabled the cre- tions.InCalifornia, essential In themeantime,microgrids carbon emissions.But this Still, as a physician at the cutting edge of the genomics ation of amarket for businesses areforcedtopay can fortify critical infrastruc- would createasingle point of revolution, Dr. Ashley is aware—more acutely than most— resiliency. punitivechargestothe utili- ture systems to ensureunin- failure. Without gaspipelines, of the limitations of science. He shares the stories of brave In most states, utilities are ties if they generatenoninter- terrupted power. Microgrids homes would be without heat- patients like Bertrand Might, whose parents worked regulated monopolies. A Pub- areislands of energy resil- ing,hot waterand cooking heroically to establish a diagnosis, cultivate a community lic Utility Commission sets iency. Using fuel cells,rooftop fuel when the grid fails. and search for a cure. Bertrand passed away in October, at ratesbased on statelaws, Regulations forbid solar panels and energy stor- Instead of banning pipe- the age of 12, from his rare neurodegenerative condition. many of which allow utilities utilities from building age, they provide powerwhen lines,authorities should We meet Mila Makovec, a young girl suffering from another to charge apremium forre- the grid isn’t available.My strengthen and upgrade them degenerative neurological condition, Batten disease, who newable electricity.That has energy resiliency. companyhas deployed89mi- and focus on using them to received a molecular therapy, dubbed Milasen, devised just induced utilities to install crogrids,which have protected distributelower-carbon fuels. for her by a devoted doctor at Boston Children’s Hospital. gigawattsofwind and solar customersfrommorethan This piping infrastructure At first the treatment seemed to help, but the courageous capacity. mittent onsitepower. PUCs 1,700powerdisruptions since could become the backbone of 10-year-old died earlier this month. As much as Dr. Ashley But thereare no such in- and utilities suggest that these 2018. Customers and utilities our renewable hydrogen econ- cheers the remarkable progress of genetic medicine over centives forresiliency. Not chargesensurethat customers can purchase these technolo- omy. With the right policies, the past two decades, and believes more wondrous only aren’t utilities required to paytheir “fair share” to fund gies on theirown. But to do Americans won’t have to advances are on the way, the patients at the center of his provide more-reliable power; wildfiremitigation and energy- so,statesand municipalities worry about being left in the world keep him grounded, reminding him—and us—how they can’t offer resiliencyata efficiencyprograms. have to remove the penalties dark when the weather is bad. far genetics still has to go. higher pricebecause ratesare To build aresilient power for installation and ease per- fixed. It is as if the National marketplace, lawmakersand mit requirements. Mr. Sridhar is founder, Dr. Shaywitz, a physician-scientist, is the founder of Highway Traffic Safety Admin- PUCs should create incentives Policymakersshould also chairman and CEO of Bloom Astounding HealthTech and alecturer at the Department istration didn’t requireair forresiliency, as they encour- resist effortsthat would fur- Energy. of Biomedical Informatics at Harvard Medical School. P2JW056000-0-A01600-1------XA

A16 | Thursday, February 25, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Supersizing ObamaCare Subsidies There’s No Magic in How SDRs Help the Poor

e’vebeen telling readersabout the never be revoked. Themoregenerous subsidies Your editorial “Magic Money for distribution that youcharacterizeas progressivepolicypriorities hitching will be captured by insurers, who will continue the Rich” (Feb.19) on the IMF’sspe- inefficient and potentially even ma- W aride on Congress’s“Covid relief” to raise premiums,and the specter of high costs cial drawing rights(SDRs) misses the lign. Theapplicable standard, how- forest forthe trees.The entireworld ever,isacomparison with alternative bill.That includes shoveling will push lawmakerstointer- The Covid bill hides a is looking to rebound post-Covid-19 tools that canbeapplied in arele- billions into the Affordable vene again. Rinse,repeat. from the worsteconomic crisis since vant scale and with the requisite CareAct, with the goal of mak- major expansion of the Smaller businesses maymove the Great Depression. Youshould be speed. It is in this contextthat the ing government insurancea their workersontothe ex- encouraging the use of policytools potential value of the SDR becomes middle-classentitlement on the Affordable Care Act. changes instead of offering that have been proven already to apparent. Itsdesign ensures account- way to Medicarefor All. their owninsurance. help restoreconfidence, stability and ability,its past use demonstrates its Provisions of the $1.9tril- TheHouse bill also offersa growth—while especially benefiting effectivenessand itsappropriateap- lion bill moving through the House makeAf- temporaryfive-percentage-point increase in those most in need. An SDR alloca- plication would ensurefairness. fordable CareAct subsidies moregenerous and federal funding to states that decide to expand tion helped to do just that during the Iwas present when the IMF last available even to the affluent. Buying an Medicaid to childless, prime-ageadultsabove global financial crisis,and SDRscan issued SDRsduring the global finan- ObamaCarepolicymakes sense if asubsidy thepoverty line.This has nothing to do with again provide such help right now. cial crisis.Every countrybenefited No one is claiming that the SDR is then. We should do it again now. shields youfromfearsome premiums and out- Covidrelief. perfect, but arational judgment JOHN LIPSKY of-pocket costs; morethan 85% of enrollees re- Texas,Florida and 10 other states declined to would begin by examining what a JohnsHopkins University ceivesuch asubsidy.But those who earn too expand Medicaid as part of the Affordable Care newallocation would actually accom- Washington much to qualifyfor government subsidies have Act,and that decision looks smart in retrospect. plish. First, it would provide liquidity Mr. Lipsky is the former first dep- been fleeing the exchanges.The Centersfor Stateshavespent more money on moreenroll- to manyemerging and developing uty managing director of the IMF Medicare and Medicaid Services said last fall ees, without improving emergencyroom visit countries that todayhaveseverely (2006-11). that unsubsidized enrollment dropped 45% be- rates or other health outcomes, while burning limitedaccesstoexternalfinancing tween 2016 and 2019. ahole in statebudgets.State legislatorswill but have the pressing need to payfor Focusing on U.S. spending as los- Instead of making the underlying product have to tie themselves to the mast amid interest- health and economic support. The ing itscontribution to the IMF quota betterorlessexpensive, Democratsnow want group demands to take advantageof“free” approximately $274billion that increase and SDR allocation ignores to passmoreofthe cost ontotaxpayers.More money from the feds. would accrue to emerging and devel- the IMF’slending facilities’ revolving oping countries as their shareofan nature. An established practicedur- low-income buyerswould paylittle to nothing Oh,and would youliketopay more at the SDR 500 billion increase would rep- ing past crises is forcountries not in forinsurance. Democratswould also remove counter foryour prescription drugs? Democrats resent a10% boost to their interna- need of their SDRstolend or donate the income capfor receiving subsidies,which have youcovered. Here’show:Drugmanufactur- tional reserves and, in some cases, them to the IMF to assist low-income is 400% of the poverty line,and reduceaper- ersare required to offer steep discountstoMed- double that amount. countries. son’smaximum contribution to 8.5% of in- icaid, and these discountsare capped at 100% of Second, advanced economies—and AU.S.quotaincrease contribution come from 10%. the averagemanufacturer priceofthe drug. stronger emerging economies—would doesn’t diminish U.S. international TheObamaCare“subsidy cliff” is poor policy HouseDemocratswould removethat cap. be able to further support the devel- reserves.These cumulativealloca- that punishes Americans forworking and earn- Some companies could end up paying state oping world by on-lending their tions areuseful in diversification ing more, but nowgovernment will spend Medicaid programs to take their drugs. Thecost newly acquired SDRsonavoluntary within the U.S.’s international reserve scarce resourcesonthose who don’t need help. of such Medicaid dysfunction is spread across basis.Weknowthat this “recycling” assetsportfolio,earning interest at a works because the IMF already has current rate of around 0.05%. Brian Blase of the Galen Institutehas pointed commercial markets, raising drug prices else- accomplished this using existing Unlikeother fresh assistanceini- out that afamily of four headed by a60-year- where, and it is one reason some diabetics pay SDRs: Poor countries could receive tiatives,the IMF executiveboardcan old earning $240,000 could qualifyfor anearly toomuch forinsulin. about $24billion in this fashion. quickly implement an SDR allocation. $9,000 subsidy.These arenot the folks hit hard Democratswill talk all of this up as merely Third, an SDR allocation itself With TreasurySecretaryJanet Yel- by the pandemic,manyofwhom areeligible for helping struggling Americans gethealth cover- doesn’t requirebudgetaryresources len’ssupport, aFebruaryIMF deci- Medicaid. age. Thetrueplan is to continue to chip away at from anycountry. It doesn’t add to sion will bring Mayresults. The Thesupersized subsidies would cost $34 bil- privatehealth insurance, creating moremarket their debt, and it creates no new magic hereisthe U.S.’s longstanding lion over two yearsbut that is merely the begin- dysfunctionthat they will later claim to solve obligations to anyparticipating role as the largest stakeholder in the ning.The politics aresuch that the benefit will with moregovernment insurance. country. IMF’sglobal stewardship. Your editorial assigns great impor- CAROL HOBAN BLAKESLEE Powell Says Full Ease Ahead tancetothe SDRs’ quota-based initial Studio City, Calif. nflation? What inflation?That wasFederal gage-backed securities ($40 billion amonth) and H.R.1 Isn’tatAll an Unconstitutional Bill Reserve Chairman Jerome Powell’smain Treasury bonds ($80 billion). TreasurySecretary I messagetoCongressand marketsintwo Janet Yellen will be grateful. TheCongressional David B. RivkinJr. and Jason lines,brokenvoting machines and days of testimonythis week, Budget Officeestimates the Snead’sassertions in “An Unconstitu- polling-placeclosures,disproportion- with aside order of modern The Fed chief promises federal budget deficit will be tional Voting ‘Reform’” (op-ed, Feb. ately affecting black,brown and indig- monetarytheory. Treasury purchases as $2.4 trillion this year under 17)that H.R.1, the Forthe People Act, enous communities. Mr.Powell told everyone current law, and the Biden Ad- is unconstitutional areinaccurate. As To frame this legislation as a nottoworryabout rising in- far as the eye can see. ministration’s $1.9trillion aformer chairman of the Federal means to only “benefit Democrats” is terest ratesorsoaring asset spending bill would push it Election Commission, Iknowthe Con- also false.During my yearsasaRe- stitution explicitly grantsCongress publican election lawyer,Irepre- prices because he and the Fed past $4 trillion. the power“at anytime” to “makeor sented Republicans who supported aren’t worried. “The economyisalong way Theargument forthis blowout is that the alter” the regulation of the “time, manyofthe policies that areincluded from our employment and inflation goals,and amount of government spending and debt placeand manner” of federal elec- in the bill, including voterregistration it is likely to take some time forsubstantial doesn’t matterwhen interest ratesare at his- tions.The broad grant of Congressio- and mail-in ballot provisions.Recent further progresstobeachieved,” he said early toric lows.But the risk is that rising ratesor nal authority is contained in Article 1, polling has also shown that two-thirds and often. inflation will blowupthis sunshine scenario, Section 4ofthe Constitution and was of Americans acrossparty lines sup- He’sfocusing the Fedinstead on the full em- and Mr.Powell essentially said that he’ll buy recently noted by the U.S. Supreme port the Forthe People Act. This land- ployment half of itsmandate. Some 10 million Treasurys foraslong as the politicians keep is- Court in the Rucho redistricting case. mark legislation is not only written jobs haven’t returned following the Covid-19 suing them and in whatever quantities are In addition, the 14th and 15th within the legal bounds of our Consti- lockdowns of the past year,and Mr.Powell and needed to keep rateslow. AmendmentsgiveCongressthe power tution, it is also an integral step to- to eliminateracial discrimination in ward our nation’spromise of ade- other Fedboardmembersaren’t wrong to sug- This means the main justification forTrea- voting and the democratic process, mocracyaccessible to all Americans. gest the dataconceal manyother people who surypurchases isn’t to help households or the such as restricting or creating barri- Congressshould passthis legisla- have leftthe job market. economy. Thepurpose increasingly is to fi- erstovoting,partisan gerrymander- tion, which representsthe clear will of YetMr. Powell also thinks,oratleast claims, nancethe debt required by record federal ing and felonydisenfranchisement. the people.Our democracycan’t wait. that the Fedcan solvethis problem with mone- spending,lest interest ratesspikeifdemand for Though we had record voterturnout TREVOR POTTER tary leverswhen the real fixwill be when the Treasurydebt falls around the world. But Mr. in the 2020 elections,voterscontinue Founder, Campaign Legal Center vaccine rollout facilitates arapid reopening of Powell can’t saythis candidly without embar- to be disenfranchised because of long Washington the economy. Mr.Powell thinks the economy rassing Congressand calling intoquestion Fed could grow 6% or so this year.But he never ex- independence. plains whythat growth wouldn’t naturally If this sounds likemodern monetarytheory Finally, Common Sense About ServiceDogs boostemployment absent the Fed'sinterven- (MMT), well, that’sbecause it is.And thank All blind and visually impaired to makeroom forafakeservicedog. tions,orhow stoking demand via successive heavens all of this debt monetization abso- travelersusing adog guide arein- No longer will my guide dog,who lies government spending bills amid supply con- lutely will not, under anycircumstances,cause debted to the Department of Trans- quietly at my feet throughout an en- straintswon’t triggerinflation. inflation or financial instability.Equity markets portation forits recent ruling about tireflight, be disturbed by an emo- Mr.Powell also used the jobs issue to justify rose WednesdayonMr. Powell’snothing-to- documenting and admitting service tional-support dog barking at her.No continued large-scale Fedpurchases of mort- worry-about assurances. animals on commercial flights(“The longer will dogsbeurinating and def- Middle Seat: Airlines Tighten Leash ecating in airline terminals,which on Pets in the Cabin,” Personal Jour- createabad impression of actual ser- Pelosi’s Capitol Riot Commission nal, Feb. 18). vicedogsthat aretrained not to re- Iamblind and afrequent flier of lievethemselves in public places. ancyPelosi wantsa“9/11-type” commis- confidencefromthe American people.” American Airlines with help from my Anyone who owns apet canunder- sion to investigatethe Jan. 6riot at the Another model is the 2005 Robb-Silberman servicedog,Eva.Inthe past, my stand adeep attachment to abeloved travel experiences have been dis- animal, but some of us need service N Capitol,and there’sacase fordoing it— report on faulty intelligencebeforethe Iraq war. turbed by passengersaccompanied animals to navigatebusy departure if the goal is truly to find out That commission followedthe by untrained emotional-support ani- terminals,the narrow confines of air- whyAmerica’sseat of govern- If it’s stacked with facts, instead of chasing apre- mals that maymakethem feel com- planes and our eventual destinations. ment wassopoorly protected Democrats, it won’t determined hypothesis.Itwas fortable,but disturb fellowpassen- Thevisually impaired travel with our and howmuch of the violence led by credible figures: Judge gers. guide dogsout of necessity,and the wasplanned. Is that what Mrs. be a credible inquiry. LaurenceSilberman of the fed- No longer will Ibeasked to move DOT and airlines were justified and Pelosi is after? eral appeals court forthe D.C. entirely correct in setting newguide- There’sreason to doubt it, Circuit and former Democratic lines foridentification and registra- sinceshe pushed to makethe commission a Sen. Chuck Robb. Filibuster and 60% Votes tion of servicedogs. partisan body.Her initial plan wastohave Abad example,which Mrs. Pelosi seems in- Reduce Senate Ping-Pong VIRGINIA JACKO President and CEO seven membersappointed by Democratsand tent on repeating,isthe commission created to Regarding KimberleyStrassel‘s Miami Lighthouse for the Blind and four by Republicans.This is impossible to jus- investigatethe causes of the 2007-08 financial “TheSenate’sByrdCall” (Potomac Visually Impaired tify, especially in acountrysoclosely divided. crash. Forits leader,Mrs.Pelosi and HarryReid Watch, Jan. 29) and the Feb. 9fol- Miami Democratshave51% of House seatsand Repub- tapped Phil Angelides,aformer chairman of the low-up letter from Prof.David Dow: licans have 49%, and the Senateis50-50.Why, Democratic Party of California. Their main goal Whyisittoo much to ask that on then, would Democratsget to appoint 64% of seemed to be getting ammunition to help con- major decisions at least 60% of the Pepper ... aJan. 6commission? gressional Democratspassthe Dodd-Frank fi- Senateagree? This preventsthe And Salt Theonly way an inquirycan defang disinfor- nancial overhaul. whipsawing that we areseeing as mation and conspiracytheories,likethe idea Theresult wasapartisan failure. Thesix the parties playPing-Pong. THE WALL STREET JOURNAL that theCapitol rioterswereantifa agitatorsin membersappointed by Democratsissued their BOB BERNSTEIN disguise,isifthe countrythinks the effort is fac- official findings. Thefour memberschosen by Mountain Brook, Ala. tual and fair.Anevenpartisan split is crucial for Republicans did not sign on and issued two dis- credibility.Otherwise asizable shareofAmeri- sents. “The majority’s almost 550-pagereport CORRECTION cans will suspect it’sapolitical weapon designed is moreanaccount of bad eventsthan afocused to find President Trump guilty of incitement to explanation of what happened and why,” one of The Cuomo administration’s March insurrection, moreorless, afterafailed im- the dissentssaid, focusing on the pre-cooked 25,2020,directiveregarding nursing peachmenttrial. and simplistic “hypothesis that toolittle regula- homes wasissued by the NewYork De- Mrs. Pelosi should want an inquirythat deliv- tion caused the crisis.” partment of Health. It wasnot an exec- ersaunanimous outcome,not one that breaks Todayitlooks likeMrs.Pelosi’sgoal is to keep utive order. This was misstated in the down on party lines.Heed the veterans of the the Jan. 6riot aliveinthe public mind until the Feb. 22 op-ed “Why Cuomo Should Be 9/11 commission, which she invokes. ItsDemo- 2022election. If four GOP commissionersissue Worried About a Federal Probe.” cratic vicechairman, former Rep.Lee Hamilton, adissent, maybe she doesn’t mind, as long as the Lettersintended forpublication should told Politicothat Mrs. Pelosi’sproposal “does not official findingsare writtenlikeapolitical docu- be emailed to [email protected]. Please sound to me likeagood start; it sounds likeapar- ment by seven Democrats. But then whyshould include your city, state and telephone tisan beginning.” ItsGOP chairman, former New the GOP participateinacharade? If Mrs. Pelosi number.All letters aresubject to “Not the mountains again. The warm Jersey Gov. TomKean, said that without equal won’t structurethe inquiryinacredible fashion, editing,and unpublished letters cannot glow of nostalgia hasn’t erased stuck be acknowledged. representation, “the report won’t have as much Republicans should sit it out. in a cabin with a week of rain.” P2JW056000-0-A01700-1------XA

THE WALL STREET JOURNAL. Thursday, February 25, 2021 | A17 OPINION What I Learned in an Iranian Prison It’s T-0 To Go Faster By Wang Xiyue normalizing relations with Washing- ton. It survives and thrives on its ran, Europe and manyAmeri- self-perpetuated hostility against the Than T+2 can progressives are pressur- West; a posture that has been inte- ingthe Biden administration gral to the regime’s identity. I to revivethe 2015 nuclear deal Theregime didn’t regard Presi- By Michael Piwowar known as the Joint Compre- dent Obama’sengagement as agood- hensivePlan of Action, or JCPOA. will gesture, but rather as an “iron he recent frenzy over Official groupthink has coalesced fist under avelvet glove.” Iran’srev- T GameStop, AMC and other around asingularly misguided belief: olutionaryregime retains power so-called meme stocks led to TheU.S.has so badly mistreated through conspiracyand intrigue,and unprecedented margin calls from Iran in the past that it must engage views everything through that lens. the DepositoryTrust &Clearing and appease the Islamic Republic GES Thenotion that it will be difficult Corp., which clearsand settles U.S. now. Iunderstand this viewbecause IMA forthe U.S. to regain Iran’strust af- stock trades.The mania also

Iwas oncetaught to believeit. This ETTY ter quitting the JCPOA is incorrect. broadly disrupted retail trading. mindset is what convinced me in /G TheIranian regime has never trusted As the dust settles,manyinvestors 2016 that Icould safely do research AFP the U.S., and never will. areasking: Whydoes the transfer formydissertation in Iran. My opti- When Iwas being interrogated in of ownership,orsettlement, for

mism wasmisplaced. Not long after KENARE/ Evin Prison in summer 2016,myin- most securities transactions in the TA

Iarrived, Iwas imprisoned by Iran’s AT terrogator boasted that he and his U.S. occur two businessdays after brutal regime and held hostage for A government-sanctioned protest in Tehran, Dec. 11, 2017. hard-line colleagues were eager to the trade date, or T+2? more than three years. see Donald Trump elected, not be- This is 2021. Whyhaven’t we al- When Iwent to Iran, Ishared the Iran. Convinced that the mullahs’ nian prisonersand the release of cause the regime viewedhim as the ready moved to T+1 or T+0? prevailing academic viewofthe Mid- hostility toward the U.S. was exag- frozenIranian assets. (I wasreleased type of pragmatic leader they could Apreviously arcane subject—the dle East. I had absorbed the oft-re- gerated, Ioften dismissed allega- in a 2019 prisoner swap.) deal with, but because it would jus- securities transaction-settlement peated lesson that political Islam tions of the regime’s malign behav- My terrible 40-month imprison- tify amoreconfrontational stance cycle—is nowtop of mind. Deter- arose in response to Western colo- ior as American propaganda. ment wasaperiod of intense re-edu- against the Great Satan. mining howlong the cycle should nialismand imperialism, and that Since it was obvious that Ameri- cation about the relationship be- Themenaceofthe Islamic Repub- be involves walking the fine line canforeign policyitself wasthe tween Iran and the U.S. The Islamic lic can’t be appeased. It must be between making the system more problem, and that the regime would Republicisanambitious power, but countered and restrained. Only the efficient and allowing slack to cor- U.S. foreign policy isn’t happily normalizerelations oncethe not aconstructiveone.It’saspoiler, U.S. has the capacity to lead such an rect potential errors. U.S. pivoted away from disrespect, I projecting influencebyexporting endeavor. For42yearsIranhas dem- to blame for the mullahs’ assumed I’d be left alone in Iran if I revolution and terrorism via its onstrated that it changes its behav- deep-rooted hatred of remained apolitical and focused on proxies in the Middle East. Domesti- ioronly in response to strength in It shouldn’t take two days historical research. Imagine my cally, the mullahs have failed to de- the form of American-led interna- America and Americans. shock when the Iranian Ministry of liver on their political and economic tional pressure. If the Biden adminis- for a stock trade to clear Intelligencearrested me on false es- promises to the Iranian people,on tration returns to the JCPOAwithout and settle. It’s become pionagechargesinAugust 2016, whom they maintain their grip extracting concessions from Tehran theWest—particularly America’s shortly after the implementation of through oppression. beyond the nuclear threat, it will re- feasible to do it in one. Middle East behavior—was chiefly theJCPOA—during what appeared Nothing I’dlearned during my linquish all U.S. leverageoverthe re- responsible forthe region’schaos. to be aperiod of rapprochement be- yearsinthe ivorytowers of aca- gime. My professorstaught that the U.S. tween the U.S. and Iran. Iwas demia had prepared me forthe real- Diplomacy can’t succeed without U.S. securities marketsmay now had treated Iran with amixtureof thrownintosolitaryconfinement, ity Iencountered in an Iranian leverage. Only by showing strength be ready to benefit from techno- Orientalist condescension and impe- forced to confessthingsmyinterro- prison. Ilearned what manyIranians of will canPresident Biden hope for logical and operational advance- rialistaggression sincethe founding gatorknewIhad not done,and sen- already know: Theregime’shostility genuine progress in containing the mentsinback-officeadministrative of theIslamic Republic in 1979.Ibe- tenced to 10 years in prison. toward the U.S. isn’t reactive, but Iranian threat to peace. functions and movetoashorter lieved America’srole in the 1953 My interrogator made clear that proactive, rooted in afierce anti- cycle,but that determination can’t coup that removed Prime Minister my sole “crime” wasbeing an Ameri- Americanism enmeshed in its anti- Mr. Wang is adoctoral candidate be made without additional evi- Mohammad Mossadegh explained can. He told me I was to be used as imperialist ideology. As I witnessed in history at Princeton and a fellow denceand cooperation from mar- everything that had gone wrong in apawninexchangefor U.S.-held Ira- firsthand, Tehran isn’t interested in at the American Enterprise Institute. ketparticipants, regulatorsand investors. Thetime to re-evaluatethe length of the securities-transaction Why Rush Limbaugh Never Got Canceled cycle is now, while memories of theGameStopdebacle arefresh. By Brian Glicklich boycotts would have no effect on wastoharm his showand his busi- it wasatriumph over the tactic of As acting chairman of the Secu- theirbusinessunlessthey relented ness. He denied them anysuch satis- speech suppression. This public con- rities and ExchangeCommission, I ush Limbaugh is frequently and denied themselves access to his faction, or anypublic noticeatall. versation endedthe harassment of led the effort in 2017tomoveoffi- R credited with reviving talk ra- listeners. And he wasright. Internet No matterhow loud they gotorhow hissponsors. cially from T+3 to T+2. At that dio in America, and that is mobs arealmost always made up of much media coverage they received, One rule ranmost deeply through time,T+2 wasthe best option true.But Limbaugh wasalso “patient small numbersofpeople sending he almost always ignored them in his Rush’sdecadeslong response to can- based on economic analysis.Most zero” of today’scancel culture, with broadcasts. Thepsychologyofpublic celculture, and it came from his love important, at T+2, the institutions dozens of effortstokill his program shaming is to getinside the head of of football: “Games arerarely wonon and back-officeprocesses involved forone ginned-up controversy after He refused to apologize for your opposition and forcethem to defense.” TheLimbaugh Doctrine in the exchangeofcash and securi- another.They all failed, and the in- respond. Rush Limbaugh wastoo dis- against the suppression of speech ties could handle the change. The side storyofhow he handled the ef- fake transgressions and ciplined forthat, and toosmart. wastooffer morespeech. Rather system wasn’t yetprepared in fortstodiscredit him is auseful les- never lost his humor. More Themost activeand aggressiveof than be cowedintodiluting his on- 2017tomovetoT+1, but was son fortoday. those who threatened his sponsors air presentation, he fished forliber- ready to take auseful firststepto- Rush’sfirst rule wassimple: “No could follow his example. craved personal anonymity to remain als’ outrageasonly the most experi- ward greater efficiencyand timeli- faux apologies forfaketransgres- unaccountable fortheir words. They enced angler can. They would ness. sions.” Thebest illustration wasthe went to great lengths to hide their inevitably bite, and he laughed as he ThechangetoT+2 had several “phonysoldiers” controversy in hugenumbersofmessages.They identities.Sohedenied that to them, set the hook.Hestarted and ended good effects. Costscame down and 2007. Rush was speaking with a count on sheer volume to intimidate using his websitein2015 to identify his career on his ownterms,not retail investorsbenefittedfrom caller on his program about “phony business. Rushshowedsponsorsre- and name their leaders, making them those of his opposition. He canceled quicker access to cash and securi- soldiers” likeJesse Macbeth,who search that proved that 80% or more responsible fortheir wordsand ac- cancel culturethree hoursaday for ties when their trades were exe- had falsely claimed to have seen war of all online boycottmessages came tions in the public square. Sincethey 33 years, and he did it with “half his cuted. Acrossthe financial system, crimes,and who wasultimately con- from agroup of people so small as to didn’t want to be personally associ- brain tied behind his back,just to the shift reduced the dangers from victed forreceiving veterans benefits “fit in the elevator we used to come ated with thevile invectivethey had keep it fair.” market, liquidity,counterparty,and to which he wasnot entitled. But to your officefor this meeting.” directed at Rush and sponsors, they systemic risks. Harry Reid and 40 other Senate Rushrecognized that the ultimate ran. It wasamasterfullesson in the Mr. Glicklich was Rush Limbaugh’s TheSEC recognized in 2017that Democratsdeliberately misinter- goal of the speech-warrior movement powerofunfetteredfreespeech, and spokesman and strategist. futureadvancesintechnology, op- preted his commentsand sent his erations and market conditions syndicator aletterdemanding an might eventually justifytrimming apology, which of course wouldn’t the settlement cycle even further. have been accepted. Italy’s Populists Join the Establishment We areinabettertechnological Rushauctioned their letteroff in a position to do that todaythan we showofgleeful brio,marching the By Alessandra Bocchi it. He is not just atechnocrat; he is a roskeptic positions.The coalition also were in 2017. Beforemaking the document on stagehandcuffed to his great political figure.” includes the center-leftDemocratic change,however, several things security guardduring aPhiladelphia taly,likethe U.S.,recently com- Mr.Draghi, 73,isbest known for Party,the free-market ForzaItalia,and have to happen. speech. He matched the $2.1 million I pleted an experiment in populist rescuing the euroduring itsdebt cri- the democratic-socialist Free and To begin, the SEC should re- winning bid with his ownfunds,and government. Theantiestablish- sis in 2012. He promised in aspeech Equal party.The only opposition party lease itsstaff report, due to be donated the money to scholarships ment Five StarMovement and the that the ECB would do “whatever it is the right-wing BrothersofItaly. completed in September 2020,ex- forthe children of fallen service anti-immigration League formed a takes” to salvagethe eurozone,which Theunelected Mr.Draghi is popu- amining the potential impact of membersand policeofficers. It was coalition afterelections in 2018,but stopped international speculation lar with voters.According to asurvey moving to ashorter settlement cy- classic Rush: punching ahole in the it brokedownafter little morethan a against the currency. by NotoSondaggi,aleading Italian cle and identifying necessarytech- arrogant, exposing their flaws, turn- year.AsinAmerica, the newhead of pollster,56% of Italians have confi- nological and operational improve- ing something fakeintosomething government is an establishment fig- denceinhim—the highest figure re- ments. Thecommission should largerthan life, all while having ure. But unlikePresident Biden, Trusted technocrat Mario corded in two decades.Marketsseem open acomment file on itswebsite “morefun than ahuman being Prime Minister Mario Draghi is to sharethe feeling: Benchmark Ital- forpublic feedback. should be allowedtohave,” as he of- knownlessasapolitician than a Draghi heads a coalition ian bond yields hit record lows after TheSEC should also hold apub- tensaid. technocrat: an economist with adoc- that includes former the appointment. lic forumtodiscusslessons Butitwasn’t all funand games. torate from MIT who has headed the Holding together adiverse coali- learned from the recent eventsso Rush’ssponsorsincluded thousands Italian Treasury, BankofItaly and euroskeptics. tion will be achallengefor the new that we all have the benefit of the of small and growing businesses; European Central Bank.Hestays off prime minister.For starters, he reap- most up-to-dateinformation in de- they relied on his audiencetopay social media and seldom gives inter- pointed Five Star’sLuigi Di Maio as termining whether to movetoa their employees.When the industry views or public speeches. This month President Sergio Mat- foreign minister.Mr. Di Maio’s party shorter transaction cycle. of boycotts and businessharassment “When Iwas prime minister,Ma- tarella appointed Mr.Draghi to head a opened Italy to the Chinese Commu- Moving beyond T+2 also re- came knocking at his door,threaten- rio Draghi wasdirector general of the national-unity government. Unlikein nist Party by signing on to the Belt quires bank regulators’ involve- ing his sponsorswith ignominyfor Treasury. Iknowhim personally and the U.S.,therewas no populist back- and Road Initiative. Mr.Draghi is com- ment.Reducing the time between the crime of wanting to offer their professionally,” LambertoDini told lash against the newestablishmentar- mittedtoItaly’s alliancewith the U.S. theexecution of atrade and the productstohis audience, Rush me.Heled the government in ian leader.Instead, the antiestablish- and will need to persuade the Five delivery of securities to buyers pushed back—and hard. 1995-96,“He is very reserved. He ment Five StarMovement and League StarMovement to changecourse. and cash to sellerswill requireim- He privately supported his spon- would call only when therewas a were so eager to join the newcabinet In acountrywhereCovid hit espe- provementstobank payment sys- sorsand told them that the so-called problem to solve, and he would solve that they abandonedtheir former eu- cially hard, Mr.Draghi will also man- tems.Accordingly,the Treasury agearelief program biggerthan the secretaryshould convene aprinci- Marshall Plan—$240 billion from the pals meeting of the Financial Sta- Notable & Quotable European Union’s RecoveryFund. He bility Oversight Council to initiate PUBLISHED SINCE 1889 BY DOWJONES&COMPANY oversawthe ECB’squantitativeeasing asecurities settlement “work- Rupert Murdoch Robert Thomson Michael Barone writing for the afterthe 2008 financial crisis,and stream.” Executive Chairman, News Corp Chief Executive Officer, News Corp Washington Examiner, Feb. 24: he’sappointed membersofthe Congressshould also look into Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher League to key economics ministries,a the stateofthe securities-settle- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Eleven of the 20 districtswhereRe- signal that he plans to increase pro- ment system and consider biparti- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; publicans suffered the greatest per- ductivitybyreducing taxesand re- san legislation requiring the SEC Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; centagelosses [between 2012 and forming inefficient bureaucracies. to coordinatewith other federal fi- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; 2020]now have Democratic House Spending will be carefully directed to nancial regulatorsand, whereap- Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer members, even though allbut one eas- businesses that have prospectsofsuc- propriate, adopt newrules. Andrew Dowell, Asia; AnthonyGalloway, Video & ily elected Republicans foryears. Simi- ceeding and to the unemployed. Finally,investorsand market Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; larly,11ofthe 20 districtswhereRe- “It looks likewereached acom- participantsshould seizeopportu- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; publicans have made the greatest promise,” Giovanni Orsina,ahisto- nities to contributetothe debate Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; percentagegains nowhaveRepublican rian anddean at Rome’sLUISSUni- by participating in regulatoryfo- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News congressmen, although only five have versity told me.“Theelectoratevoted rums and requestsfor comments. Thomas SanFilippo, Customer Service; asolidly Republican heritage. forantiestablishment parties,but We all shareresponsibility foren- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Thepartisan strifeofthe last de- they lacked thecompetencies to suring the U.S. financial markets Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; cade has failed to produceeither [a] lead.” Italy will find out if atrusted operatesmoothly,efficiently and Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Democratic majority [or] the less-fre- leader cansatisfypopular discontent resiliently. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: quently-projected MAGA nation. But by combining expertise with dispa- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head it has shown both parties capable of rate populist visions. Mr. Piwowar is executive direc-

EDITORIAL AND CORPORATEHEADQUARTERS: adapting to unforeseen challenges. tor of the Milken Institute’s Center 1211 Avenue of the Americas, New York, N.Y., 10036 And it has produced the most robust Ms. Bocchi is the Journal’s Joseph for Financial Markets.Heserved Telephone 1-800-DOWJONES voterturnout in morethan acentury. Rago Memorial Fellow. as an SECcommissioner, 2013-18. P2JW056000-0-A01800-1------XA

A18 | Thursday, February 25, 2021 THE WALL STREET JOURNAL.

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CRMmarketincludesthe following IDC-definedfunctional markets: SalesForce Productivity andManagement, MarketingCampaign Management, Customer Service, ContactCenter,Advertising,and Digital Commerce Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of salesforce.com, inc.,asare other namesand marks. P2JW056000-4-B00100-1------XA BUSIPERSONENAL TECHNOLSSOGY: NEW AMA&FZON ECHO HASINITS EYE ONANYOU B4 CE

© 2021 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Thursday, February 25, 2021 | B1

S&P 3925.43 À 1.14% S&P FIN À 2.01% S&P IT À 1.51% DJ TRANS À 1.70% WSJ $ IDX g 0.13% LIBOR 3M 0.190 NIKKEI (Midday) 30156.48 À 1.63% See more at WSJ.com/Markets WeWork Ex-Boss to Get Windfall Foxconn

Neumann to receive tors,including nearly $500 mish centersaround acom- To Make million from Mr.Neumann. mitment SoftBank made in extra $50 million as That is abouthalf as much as October 2019 to buy $3 bil- part of settlement it previouslyplanned to buy. lion of stockfromexisting Fisker But part of the deal not WeWork shareholders— with SoftBank previouslyreported setsMr. nearly $1 billion of which Neumann apart from other wasset to go to Mr.Neu- BY MAUREEN FARRELL shareholders. It calls for mann. Ve hicles AND ELIOT BROWN SoftBank to givethe 41-year- SoftBank,which wasbail- old the $50 million special ing out ateetering WeWork WeWork co-founder and payout and extend by five afterits planned initial pub- BY BEN FOLDY former Chief ExecutiveAdam yearsa$430 million loan it lic offering collapsed, also AND STEPHANIE YANG Neumann is set to reap an made to him in late 2019, the agreed to payafour-year, extra$50 million windfall people said. SoftBank is also AP $185 millionconsulting fee Foxconn TechnologyGroup, and other benefitsaspart of slated to pay$50 million for to Mr.Neumann, who agreed the world’sbiggest electronics an agreement that would set- Mr.Neumann’slegal fees.It to step down as chairman contract manufacturer,has tle adisputeheand other isn’t clear howmuch it is LENNIHAN/ and CEO.Inaddition, it ex- agreed to assemble cars for

early investorsinthe shared- paying forthe other share- MARK tended him nearly $500 mil- electric-vehicle startup Fisker office-spaceprovider have holders’ legalfees. Part of the deal with SoftBank sets Adam Neumann apart from lion in debt to refinancean- Inc., the latest deal forthe Ap- wagedwith SoftBank Group Thesettlement between other shareholders of the office-space provider. other loan. ple iPhone assembler in itsex- Corp., according to people SoftBank,Mr. Neumann and Theextrapayment to Mr. pansion intothe autosector. familiar with the matter. the other shareholdersisn’t WeWork is separately ne- While the talks could still Neumanncould reopen old Taipei-based Foxconn and As TheWall Street Jour- final and the terms could gotiating acombination with fall apart and other options wounds with WeWork em- LosAngeles-based Fisker have nal reported this week,the still change, the people cau- aspecial-purpose acquisition arebeing considered, We- ployees and investors, who signed amemorandum of un- partiesare closing in on a tioned. Should the parties companycalled BowX Acqui- Work and BowX could reach were furious at the time derstanding to jointly produce deal in which SoftBank,We- reach agreement, potentially sition Corp.that would pro- agreement as soon as next when the $185 million payout more than 250,000 vehicles a Work’smajority shareholder, in the next few days,it vide the startup with apub- week,some of the people became public. year,the companies said. would buy about $1.5billion would avert an early-March lic listing,people familiar said. Mr.Neumann had long While the exact location has of stock from other inves- trial. with the discussions said. Themonthslong legal skir- PleaseturntopageB2 yettobedetermined, Fisker ChiefExecutiveHenrik Fisker said thereisaverygood AselloffinHong Kong Exchanges Domestic equity market capitalization* chanceinitial production will Australian &Clearing Wednesdayfollowed be in theU.S., in part because NYSE Foxconn already has afactory abig recent run-up. in Wisconsin. News Law “They’vegot afactorythere Nasdaq HKEX stock price and quitealot of land with HK$550 quitealot of possibility forex- Advances Shanghai Stock Exchange pansion,” he said in an inter- view. “Wehaven’t made afinal BY MIKE CHERNEY Hong Kong Exchanges decision on that but that’san obvious one.” SYDNEY—Australian legis- 500 Japan Exchange Shares in Fisker leapt 39% lation effectively requiring on thenews, to $22.58.Fisker Facebook Inc.and Google to Shenzhen Stock Exchange began trading publicly in Octo- paynewsoutletsfor content ber after merging with aspe- cleared itslast major parlia- 450 Euronext cial-purpose acquisition com- mentaryhurdle,capping a pany backed by private-equity multiyear effort that could set LSEGroup PleaseturntopageB2 aglobal precedent for regulat- ing the tech giants’ relations $0 trillion 510152025 Volvo and Geely opt for a with publishers. 400 partnership, not merger...... B2 As itsspat with the Austra- HKEX annual results† HK$20billion lian government over the pro- Revenue Net profit posed media code deepened, Facebook last week followed 350 15 Former through on athreat to remove news from its platform in the Sept.2020'21 country. Speaker Afterthe government 10 agreed to small changes to the legislation,Facebook said Ryan Joins Tuesday that the news would 5 be restored. In general, the code com- Deal Firm pels tech companies and news publishers to submit to bind- 0 BY MAUREEN FARRELL ing arbitration if they can’t 2010 '15'20 reach a deal on payment. *Data as of January.†HK$10 billion=$1.29 billion. Former House speaker Paul Theamendmentsan- Sources: FactSet, Company(annual results); FactSet (stock price); World Federation of Exchanges (market cap) Ryan,who last year joined the nounced Tuesdayinclude re- rush of high-profile individu- quiring an additional round of alslaunching special-purpose negotiation beforebinding ar- Hong Kong to Raise TaxonTrades acquisitioncompanies,isgo- bitration kicks in, as well as ing to work at the private-eq- more acknowledgment of any uity firm he teamed up with in dealsFacebook reaches with that effort. publishers on its own. BY JOANNE CHIU torbased on itsown market changes,which owns and oper- budget. Theincrease,which is Mr.Ryanwill join Solamere Alphabet Inc.’sGoogle also valuation, and the fourth-big- ates thecity’s only stock and the firstinnearly three de- Capital,aprivate-equity firm initially opposed the legisla- Hong Kong moved unexpect- gest by value of companies futures exchanges,and their cades,would effectively add founded by Utah Sen. Mitt tion, at one time threatening edly to raise taxesonshare listed on itsexchange. clearinghouses.The govern- $3 to the cost of each $10,000 Romney’sson Taggart Romney to shut down itssearch engine trading by 30%, putting a Thegroup’sascendancealso ment appointshalf of the inde- of stock traded, for both buy- as well as Eric Scheuermann in Australia. damper on the city’s stock-ex- reflects the rise of China’sfi- pendent directorsonthe com- ersand sellers. Some securi- and Spencer Zwick,asapart- Recently, though, it opted changeoperator just as it was nancial markets to become pany’sboard, including its ties are exempt. ner.Solamere, aBoston firm instead to sign content deals unveiling record annual sales some of the world’sbiggest and chairman, and holds astake in Thelooming taxincrease with morethan $1 billion in with anumber of publishers— andprofits. most important afterthose in the business. pummeled Hong Kong Ex- assets, seeks to invest in high- including News Corp,which Asurge in trading and new NewYork. Paul Chan, the city’s finan- changes shares, even as it re- growth companies and help PleaseturntopageB4 listingshas buoyed Hong Kong On Wednesday, however, cial secretary, proposed lifting ported the equivalent of $1.48 them expand and createjobs, Exchanges &Clearing Ltd., Hong Kong’sgovernment the so-called stamp duty on billion in net profit for2020,a he said.  Facebook to spend $1 billion which has growntobecome the spoiled what should have been stocks to 0.13% from 0.1%, as 23% increase and its biggest- He wasinclined to join the on news content ...... B4 world’slargest exchangeopera- avictorylap forHong Kong Ex- part of Hong Kong’sannual PleaseturntopageB10 PleaseturntopageB5 Supermarkets Pressed INSIDE Verizon Spends $45.5Billion To Provide Hazard Pay To Top5GSpectrum Bidders

BY JAEWON KANG Kroger Co.say they will close some stores in areaswith new BY DREW FITZGERALD snapped up ever-largerchunks spectrum in recent years. Grocerychains arecoming wage mandates,while others of the electromagnetic spec- Those licenses cansupport under pressuretoboost hourly saythey areboosting food Verizon Communications trum to keep up with their cus- even higher internet speeds employees’ payagain, as munic- prices or maycut back on ser- Inc. secured morethan half of tomers’ growing demand for butoften struggle to carry ipalities push continued aid for vices likecheckouts. BUSINESSNEWS thewirelessairwaves offered music,video and software dataatadistance. front-line workersnearly ayear Although the pandemic has Three found guilty in aU.S.government auction streamed to their smart- Thecommission’sauction into the Covid-19 pandemic. driven higher sales and profits of smuggling that racked up arecord$81 phones.Ashortageofthe asset rules bar biddersfromcom- Seattle, Long Beach, Calif., forgrocery chains,companies billion in bids,according to de- candegrade service, putting a menting on the processfor sev- andother cities have passed saythe cost of doing business Carlos Ghosn tails released Wednesday. carrier at acompetitivedisad- eral days.AT&T, Verizon and T- newrules requiring supermar- hasrisen, too, and their most into Turkey. B3 Verizon pledged $45.5 bil- vantage. Mobile areslated to hold public kets to provide employees tem- profitable sections,such as buf- lion forthe midrangespectrum Verizon and itsrivals are briefingsinMarch to updatein- porarybonus pay. Others, in- fets and salad bars, remain rights, which canextendthe enhancing their 5G services vestorsontheir long-term cluding LosAngeles,are closed in manylocations. S reach and bandwidth of its this year following the launch strategies,including their goals

considering similar mandates “We’renot in anonprofit or- PRES fifth-generation wirelessser- of Apple Inc.’slatestiPhone fornetwork upgrades. designed to help employees ganization,” said Rob McDou- vice. AT&T Inc.bid $23.4 bil- and other devices that can Themost recent spectrum UMA

who have to showupfor work gall, chief executiveofficer of /Z lion,while T-Mobile US Inc. support the high-speed specifi- sale offered cellular companies, in public-facing jobs likeca- California chain Gelson’sMar- bid $9.3 billion. cations.But Verizon’sneed for cable-TV providersand other

shiersorbaggers and risk expo- kets.The companyraised prices ZENNER Theresultsanswereda the midrangespectrum was qualifiedbiddersachance to suretothe coronavirus. forthousands of productsinits question that has absorbed considered particularly acute expand their wirelessopera- EPHEN

Some grocersare pushing Long Beach storeafter man- ST wireless-industryinvestors afterT-Mobile amassed asiz- tions into the C-band range, a back,saying that shopperswill dated bonus payincreased ex- sincethe Federal Communica- able cache of similar assets swath of airwaves previously bear the costs. Groceryexecu- penses by about 25% in recent MARKETS tions Commission started the through its2020 purchase of restricted to satellitecommu- tives sayrules to raise wages— weeks.Mr. McDougall said the GameStop shares auction in December.Pur- Sprint. nications.The commission auc- in some cases by as much as $5 higher prices coveronly half morethan double chases of licenses to use cer- Verizon, the country’slarg- tioned off 280 megahertz of an hour—will increase expenses thenew costs, and he expects tain airwaves areamong the est carrier in terms of sub- theband, leaving the rest to by about 30% in stores and nearly a13% decline in overall in lasthour biggest checks acellphone car- scribers, focused much of its incumbent satelliteusersand squeeze already thin profit profits. of trading. B10 rier canwrite. wirelessinvestmentsonhigh- guardbands to block interfer- margins.Some chains including PleaseturntopageB2 Wirelesscompanies have frequencymillimeter wave PleaseturntopageB2 P2JW056000-4-B00200-1------XA

B2 | Thursday, February 25, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A H NRG Energy...... A6 Volvo, Geely Drop Idea of Merger Alphabet...... B1,B4 Home Depot...... B11 P Amazon.com...... B4,B11 Hong Kong Exchanges & Pfizer...... A7,A8 Apple...... B1,B2,B11 Clearing...... B1 PRA Health Sciences..B5 To Focus on Engine Partnership AstraZeneca...... A8 Hon Hai Precision Purdue Pharma...... A1 Industry...... B2 AT&T...... B1 R B I Reckitt Benckiser.....B11 BY WILLIAM BOSTON Icon...... B5 BioNTech...... A7,A8 S AND DOMINIC CHOPPING BlackRock...... B11 Interfor...... A10 SoftBank...... B1 BowX Acquisition...... B1 International Paper..A10 Stellantis...... B1 Volvo Car Corp.and Geely J C T Automobile HoldingsLtd.said Johnson & Johnson they would combine their en- Canfor...... A10 Tesla...... B11 China Feihe...... B11 ...... A1,A7 gine andtransmissions busi- Theranos...... B3 nessbut backed away from a Churchill Capital IV...B11 L T-Mobile...... B1 Coca-Cola...... B6 full-blown merger of the Chi- Lowe's...... B11 U nese andSwedish companies Comcast...... B4 Lucid Motors...... B11 U.S. Cellular...... B1 that areowned by Chinese bil-

E Lululemon Athletica.B11 GE V lionaireLiShufu. Eaton...... B6 M Themovehighlightsatrend IMA Verizon Communications F forcompanies to sharpen their

Mastercard...... B5 GETTY ...... B1 focus rather than become en-

Facebook...... A2,B1,B4 Maxim Integrated SE/ ViacomCBS...... B4 tangled in largerconglomer- Fisker...... B1 Products...... B6 Visa...... B5 ates that oftendilutethe value Ford Motor...... B11 McKinsey...... A1 Vistra ...... A6 of their constituent businesses. Foxconn Technology....B1 Microsoft...... B11 Volvo Car...... B2 ANCE-PRES Theagreement leavesthe FR Moderna...... A7,A8 G W two automakersasstand-

GameStop...... B10 N West Fraser Timber.A10 alone entities under the um- GENCE /A Geely...... B2 Newell Brands...... B6 WeWork...... B1 brella of Mr.Li’sZhejiang Grain Management.....B2 Nissan Motor...... B3 Whirlpool...... B6 GeelyHolding Group.Ital- CELIS

lows Geely Autotomovefor- NOEL ward with plans to raise the The decision leaves the two car makers as stand-alone entities under a Chinese umbrella company. equivalent of nearly $3 billion INDEX TO PEOPLE through asharelisting on plays,” VolvoChief Executive and that synergies in the fu- cern wasone reason Volvoand Shanghai’sSTARMarket for Officer Håkan Samuelsson tureshould be morefocused Geely opted not to combine. A Hodulik, John...... B2 O growth stocks.The decision said. “I think that’snumber on software,isanew thing Mr.Samuelsson, addressing Abbitt, Sam...... B5 Holmes, Elizabeth...... B3 O’Connor, Paul...... B10 also renews speculation that one,toreally maintain full fo- that we learned during this speculation about whether Volvocould seek an indepen- cus on growth, especially since process,” he said. Volvowould seek itsown list- B Huang, Jensen...... B6 O’Reilly, Brian...... B10 K R dent stock-market listing. we have been growing alot on Thepreferencefor deep co- ing,said no decision had been Bakish, Bob...... B4 Thetwo companies said last the Geely and the Volvoside operation over afull merger made but it remained an op- Buchbinder, Jeff...... B10 Kayne, Don...... A10 Rawlinson, Peter...... B11 year that they were holding and don’t want to jeopardize also highlightsagrowing trend tion. C Klein, Michael...... B11 S talks that could lead to com- anything there.” favoredbyinvestors, who have “For Volvotohaveavery Kosemen, Okan...... B3 Samuelsson, Hakan....B2 bining their businesses.Inthe Mr.Samuelsson said the been pushing large automotive bold agenda to electrifyand Clegg, Nick...... B4 Kress, Colette...... B6 Shannon, Colin...... B5 end, they said they feared a companies realized during the companies to spin off individ- develop autonomous driving is Cohen, Ryan...... B10 Smit, Sven...... A1 mergerwould present integra- past year’s talks that the bulk ual businesses. not credible internally or ex- Cong Hui, An...... B2 L Sneader, Kevin...... A1 tion issues and distract them of savingsthey could achieve An Conghui,president and ternally if we would not have Cutler, Steven...... B5 Li, Shufu...... B2 Snyder, Shawn...... B10 during aperiod of industry- together would come from CEO of Geely Auto, raised the the ability to approach the eq- F M Sternfels, Bob...... A1 wide transformation in the sharing software,rather than matterduring anewsconfer- uity market to financethis,” he Fillinger, Ian...... A10 McDougall, Rob...... B1 T shifttoelectric vehicles. conventional savingsfromus- ence,saying amergerwould said. “The possibility is defi- Fisker, Henrik...... B1 Menear, Craig...... B11 “A full mergerwould be too ing common hardwarecompo- dilutethe value of the individ- nitely there, nowthat we have Taylor, Michael...... B3 much internal focus and orga- nentssuch as chassis and pow- ual companies in the eyes of proclaimed to be astand-alone Monford, Suzy...... B2 G - H Taylor, Peter...... B3 nizational disputes and power ertrains.“Thetop-line growth, investorsand said that con- company.” Ghosn, Carlos...... B3 N W Greenly, Michael...... B10 Neumann, Adam...... B1 Wilde, Mark...... A10 sold in North America, Europe, tually manufacturethe vehicles, Hon Hai Precision Industry Foxconn China and India. and itsfirst with aU.S.-based Co., has been looking to diver- joint ventureofcable opera- ForFoxconn, the Fisker deal electric-vehicle company. sifybeyondits core businessof Verizon tors Comcast Corp.and Char- is the latest in aseries of tie- Theautoindustryiscon- contract manufacturing for terCommunications Inc., won To Make ups with automakerstojointly fronting awaveofnew tech electronics. no licenses. develop or build vehicles,in- companies and startups looking It has also made multiple at- Splurges in Down paymentsonthe cludingthe then-Fiat Chrysler to break intothe business, an temptstoexpand manufactur- spectrum licenses aredue Fisker Cars Automobiles NV—now Stellan- effort being driven in part by ing in the U.S. In 2017, Foxconn March 10.The winning bidders tis NV—and China’s Zhejiang newtechnologies likeelectric said it would invest $10 billion 5G Auction will also spend an estimated GeelyHolding Group. cars and autonomous driving to build aliquid-crystaldisplay $14billion moretocover the ContinuedfrompageB1 In recent years, some elec- that arereshaping the competi- factoryinWisconsin to produce costsofthe satelliteoperators firm Apollo Global Management tric-vehicle startups likeFisker tivelandscape.Among them is large-screen televisions and ContinuedfrompageB1 shifting their operations to a Inc.The shares areup152% have been focusing on design- Apple Inc., which has foryears other devices,aproject that ence. narrowerband of the sincethe mergerclosed. ing cars while outsourcing ve- worked to develop itsown car waspraised by then-President Strong demand forthe 5G- spectrum. TheFoxconn collaboration is hicle production, in achallenge and recently held talks with Donald Trump. But sincethen, friendly frequencies droveini- Thepromised sums could forFisker’s second model—a to the traditional business Hyundai Motor Group to as- Foxconn has scaled back itsam- tial bids to arecord$80.9 bil- have lasting effectsonthe higher-volume electric carthat model in the automotivesector, semble an autonomous vehicle bitions to asmaller facility that lion.Asecond phase designed companies that bought the li- the companyaims to start in which established carmak- at aKia Corp.plant in Georgia. would makesmaller touch to sort out the license types censes.AT&Trecently took building in the fourth quarter ersdesigned and produced Thetalks have sincebroken screens,and has been in adis- awarded to each bidder pushed outa$14.7 billion loan in- of 2023. Thecar would be built their ownvehicles. down,The Wall Street Journal putewith Wisconsin stateoffi- the totallast week to $81.2 bil- tended forspectrum pur- on vehicle underpinningsdevel- Thedeal with Fisker is the reported. cials over the scope of the proj- lion. chases,among other priorities. oped by Foxconn and would be firstinwhich Foxconn will ac- Foxconn, formally known as ect. Regionalwirelesscarrier Verizon on Wednesdayentered U.S. Cellular Corp.offered into a $25 billion term loan. $1.3billion forlicenses in cer- Thecarrierswill use revenue the contrast with his exit the people said. rate lawsuitsand the sides tain areas.Anaffiliateofpri- from customers’ cellphone bills WeWork packageand their personal Last April, as the corona- traded legal motions over vate-equity firm Grain Man- to payback those debtsover financial situation. Most sud- virus pandemic swept across much of the past year. agement spent just under that time.Companies arewidely ex- denly had stock options that the U.S.,SoftBank declined Afterthe nearly $500 mil- amount. pected to tout the broader ben- FigureEyes were virtually worthless, to go ahead with the $3 bil- lion stock sale,Mr. Neumann Other expected biddersre- efitsthat 5G serviceoffersbusi- given that the value of We- lion payment, citing terms of will still have plenty of We- mained largely on theside- nessdevices, rather than Work had plunged to around the deal that it said hadn’t Work stock. lines.AnaffiliateofDish Net- smartphones,asjustification for ExtraCash $8 billion from $47billion. been completed, including He is set to sell about 25% work Corp.bid $2.5million, the spending spree. Mr.Neumann never re- therestructuring of asub- of his holdingsinthe share suggesting the satellite-TV op- “They need to attach some ceived the full amount of the sidiaryinChina. sale.The per-sharepricehe erator will rely on itsexisting revenues to this hugecheck ContinuedfrompageB1 consulting contract as Soft- WeWork shareholders, is getting is about the same cache of spectrum to build a that they’rewriting,” said John preached an ethos of putting Bankpaid him around $130 represented by early We- as in the earlier agreement, new5Gnetwork from scratch. Hodulik, an industryanalyst at “weoverme,” yetemployees million beforestopping pay- Work investorsonthe board, people familiar with the mat- C&C WirelessHolding Co., a UBS Group AG. at thetime were stunned by ment amid the legal fight, and Mr.Neumann filed sepa- tersaid.

reward employees. Grocers Albertsons Cos.could change The Ultimate Reading Light operating hoursorstaffing lev- els in areas with wage man- Oftenimitated.Never equaled. Pressed on dates,aspokesman said, adding that the measures unfairly tar- getlarge supermarkets. The Hazard Pay companyspent $885 million on SAVE 25%* pandemic-related coststhrough S itsfiscal thirdquarter. Promo Code

ContinuedfrompageB1 NEW At Gelson’s, Mr.McDougall Thefight over frontline G said he will consider closing WS212 worker payhas heightened as some stores,cutting services thepandemic nearsthe one- OOMBER and reducing positions and BL

year mark in the U.S. Manygro- Y/ shifts if similar mandates are

cery chains increased hourly PERR passed in morecities likeLos

wagesfor workersinthe spring TY Angeles wherenearly one-third OT

but phased outso-called hazard SC of his stores operate. Gelson’s pay months later.They have Some chains including Kroger say they will close some stores in expenses increased about 20% Our hybrid technology provided two weeks of sick pay areas with new wage mandates and others are boosting prices. last year because of Covid-19- delivers over 8K lumensof foremployees who need to related measures such as clean- quarantine,and overtime for program that conductsre- are“political posturing” aimed ing,protectivegear and sick crisp, clear, healthy light. workerswho coverthose shifts. search on economic dynamics. at discouraging other govern- pay, he said. Groceryexecutives also are “The groceryindustryasa mentstotakeaction, he said. Seattle-basedPCC Commu- Eliminates fatigue, tension, preparingfor the possibility of whole has been making billions Supermarket operatorssaid nity Markets, which operates 15 eye strain, headaches, and ahigher federal minimum wage. of dollars,” said GaryAnderson, that the storeclosures and stores in Washington, started Cashiersingrocery stores principal deputy city attorney pricemoves areamong their offering a$4hourly bonus to bleary eyes. earned an hourly mean wage of of Long Beach. Last month, the few options to control costs, all employees this month and is about $12 in May2019,the lat- city mandated a$4hourly in- sincewages typically represent working to identifywhereitcan UL tested and certified. est year forwhich dataisavail- crease to supermarket employ- about half or moreofgrocers’ cut costs. Suzy Monford, CEO of able,according to the Bureau of ees for120 days.The rule ap- expenses. the company, said PCCspent Labor Statistics. pliestoretailersthat devote Kroger,the nation’sbiggest nearly double itsprojected Some city and labor union 70%oftheir businesstofood supermarket chain,said it profitslast year on sanitizing, 888-328-8701 officials say supermarket em- and employ300 or morepeople would close two stores in Long securing protectivegear and in- microsun.com ployees deservehigher wages. nationwide,targeting conven- Beach and two othersinSeattle creasing air filtration. They say grocery-store work- tional grocerychains rather in April because the mandates Supermarket trade groups ersremain at risk,and that than general merchandiserslike increase labor costsby20% to arefighting local rules in court. The professional's first choice supermarket chains are mak- Walmart Inc. 30% and weigh on thin profit Mikayla Pena, abaristaata since 1995. ing enough money during the TheUnited Food and Com- margins.AKrogerspokes- Pavilions storeowned by pandemic to compensate em- mercial WorkersInternational woman added that the four Albertsons in LosAngeles,said ployees forheavier work loads Union’sWashingtonchapter stores have been struggling,but hazardpay is the least the com- and stress. America’s biggest worked with Seattle officials to the companydelayedclosings panycan offer to help workers retailers, including grocery draftthat city’s hazard-pay during theinitial phases of the likeherself.She tested positive chains,reported a42% in- mandate, and is in talks with pandemic.The mandated extra forCovid-19 in January. Albert- crease in profitsinthe first about 10 other Washingtoncit- paymakes it “impossible” to sons said it doesn’t comment three quartersof2020,com- ies to put together similar mea- continue operating underper- on employees. pared with a year earlier, ac- sures,said JoeMizrahi, aunion forming stores,she said, adding “I feel so burnt out from cording to the BrookingsInsti- official. Storeclosures and po- that the companyhas spent working this whole time,” Ms. tution’smetropolitan policy tential changes in food prices about $1.5billion to protect and Pena said. P2JW056000-0-B00300-1------XA

THE WALL STREET JOURNAL. Thursday, February 25, 2021 | B3 BUSINESS NEWS Inaccessible Data Sparks a Key Fight In Theranos Case

BY SARA RANDAZZO as the LaboratoryInformation GES

System, no longer exists. They IMA Theranos Inc.founder Eliza- disagree on howthat came to beth Holmes is sparring with be,and whether itsabsenceis GETTY federal prosecutorsoveranin- damaging to the prosecution. SE/ accessible database recording In her Tuesdayfiling,Ms. millions of the company’sblood Holmes’slawyerssaid the gov- ANCE-PRES

tests, arguing the government ernment knewabout the data- FR can’t provethe test resultswere base as early as December 2016 ENCE

unreliable without the data- but never tried to use it during AG

base’sinformation. an investigation that led to the SE/ If Ms.Holmes’sargument is indictment of Ms.Holmes and KO AN

successful, prosecutorscould be Theranos Chief Operating Offi- OZ blocked at her criminal trial in cerRamesh “Sunny” Balwani in PilotNoyan Pasin, second from left, and his lawyer Erem Yücel, left, outside the courthouse in Istanbul Wednesday. He plans to appeal. July from presenting testimony June 2018.Both have pleaded from patientswho government notguilty to chargesofwire lawyerssay received inaccurate fraud and conspiracytocommit test resultsfromthe company. wirefraud. Three Men Guilty in Helping Without broader Theranos re- Theranos gavethe govern- sultsfromthe database,the ment acopy of the database on witnesstestimonywould be an- an encrypted harddriveinAu- ecdotal and irrelevant, her at- gust 2018,both sides said in Smuggle Ghosn Into Turkey torneyssaid in court filings court filings. They also agree Tuesday, because prosecutors that soon after, Theranos em- can’t showthat the firm’sblood ployees and contractorsdis- testswerelessaccuratethan mantled the serverscontaining BY NICK KOSTOV Mr.Ghosn, aformer chair- flight crew,airline manager the convictions saddled their those from other companies. the original database,making it man and chief executiveofficer Okan Kosemen and aBeirut- clientswith criminal records Federal prosecutorssaid in a impossible to access. Thecom- ThreeTurkish nationals of Nissan Motor Co., had been based flight broker. that would makeithardfor filing last month that their case panydissolved later in 2018. were found guilty Wednesday living in acourt-monitored Mr.Kosemen told the court them to continue in their pro- “ishardly ‘anecdotal,’” and that Ms.Holmes’sattorneysar- of smuggling Carlos Ghosn house in Tokyo, awaiting trial he organized the flightswith- fessions.EremYücel, alawyer they will showTheranos’sreli- guethat the government didn’t intoTurkey afterhefled on financial crimes charges, out knowing the former Nis- forMr. Pasin, said an appeal abilityand accuracyproblems trytotakepossession of the Japan inside amusical-equip- when he fled the countryin san chief would be on board. would likely take up to 10 through whistleblowers and original serversand didn’t hire ment box, becoming the first December 2019.Hidden inside Thepilotswho were con- months. federal regulator reports, along an expert to trytoaccessthe people convicted in connection abox normally used to trans- victed—NoyanPasin and Bahri Mr.Sömek,who alongside with patient stories.The Cen- encryptedharddrivefor more with the former autochief- port musicalequipment, Mr. Kutlu Sömek—testified that Mr.Pasin flew the plane carry- ters forMedicareand Medicaid than ayear. tain’sescape from Japan in Ghosn waswheeled past secu- they also were unaware, say- ing Mr.Ghosn from Osaka to Services said in 2016 that itsin- Prosecutorssaid the copy of late 2019. rity officers and passport con- Istanbul, told the court that if spection of Theranos’slab the database on the harddrive A judge in Istanbul handed trol at an Osaka airport. He he was asked to do the flight found deficient practices that wasformattedinaway that down suspendedprison sen- wasthen loaded ontoaprivate ‘They kept blaming again, “I would have done the posed immediatejeopardy to wouldn’t giveaclear pictureof tences of four yearsand two jet and flowntoIstanbul be- flight exactly the same as Idid patient health and safety. the information. Moreimpor- months and fines of 31,240 fore boarding asecond plane us pilots in the court back then.” Ms.Holmes,onceastarSili- tantly,prosecutorssaid, they Turkish lira, equivalent to to Beirut. for not suspecting Wednesday’sconvictions conValley entrepreneur,faces were never given anecessary $4,352, to three men—one air- Aspokeswoman forMr. add to atrail of legal wreckage federal chargesthat she de- encryption code to access it. line manager and two pilots Ghosn declined to com- anything.’ leftbyMr. Ghosn’sescape. An frauded investorsand patients Ms.Holmes’slawyersacknowl- who flew Mr.Ghosn from ment. He remains in Lebanon, American father-and-sonduo abouther company’stechnol- edgethe missing password but Japan to Istanbul. which doesn’t have an extradi- have been held in aMassachu- ogy, which purported to use just don’t addresswhy it wasn’t Lawyersfor all three men tion treaty with Japan. setts jail sinceMay of last year afew drops of blood from afin- given to the government. Her said they maintained their in- All three Turkish nationals ing it wasn’t their responsibil- and—barring anylast-minute gerprick to test foravariety of attorneysdidn’t respond to a nocenceand planned to appeal convicted Wednesdaydenied ity to check luggage contents intervention from U.S. authori- health conditions.The Wall request forcomment Wednes- the convictions. wrongdoing in the trial, which and passenger documents. ties—will be extradited to Street Journal firstreported in day. Two other pilots who flew centered on whether person- “They kept blaming us pilots Japan to facetrial fortheir al- 2015 that the company’spropri- Ms.Holmes’sTuesdayfiling Mr.Ghosn from Istanbul to nel who operated each of the in the court fornot suspecting leged roles in arranging Mr. etarytechnologywas unreliable asks ajudgetoblock jurors Beirut and were on trial for flightswereaware that Mr. anything,” Mr.Pasin said Ghosn’sextraction.Michael L. and that the companycon- from hearing testimony from the same chargesofmigrant Ghosn was on board. Turkish Wednesdayafter the ruling. Taylor,aformer Green Beret, ducted most of itstestsonstan- 11 customersand 11 medical smuggling were acquitted. One prosecutors presented as evi- “But when even the customs and his son PeterM.Taylor ha- dardblood-testing machines professionals who prosecutors flight attendant wasalso ac- denceaudio recordingsfrom officersand policeinJapan did ven’t denied taking part in the that it sometimes modified. said could provide testimony quitted. Thecourt dropped each plane used to transport not suspect anything,how escape,but their lawyershave Ms.Holmes and prosecutors about their experiencewith chargesagainst asecond flight Mr. Ghosn, as well as numer- could we have suspected?” argued that their actions aren’t agree that the database,known erroneous results. attendant. ous text messages from the Lawyersfor both pilotssaid criminal under Japanese law.

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B4 | Thursday, February 25, 2021 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen New Amazon Echo Has Got Its Eye on You

It was nerving feeling dissipated. At connected cameras. about 7:30 some point, the robo-screen There is also the question a.m. on aFri- started to makesense. of Amazon overstepping its daywhen I Historically,the Seattle bounds, though I suppose asked the new companyhas had alot of suc- Amazon has more valuable Echo Show10 cess convincing people to information than anything it to read me the news.I bring these sortsofdevices can get from a camera or mi- walked toward the coffee ma- intotheir homes: TheEcho crophone. It knows my pur- chine and poured my morn- wasthe firsttoget millions of chase history, where I live, ing cup.When Ilooked up in people comfortable with al- where I used to live, what I the Echo Show’sdirection, it ways-listening,internet-con- am reading and watching had turned to meet my gaze. nected microphones.Why and all of my credit card As Iwalked back over,the wouldn’t Amazon be able do numbers, past and present. screen panned again. In the the same forstalking screens? “Amazon takes customer morning light, Icould see the The device leverages the privacy seriously and we device’smotion-detecting four onboard microphones have taken measures to camerachallenging me to a and camera to follow you make Echo Show 10 secure,”

staring contest. around. Once the screen lo- JOURNAL including encrypting data, After experiencing the cates your position using releasing automatic security REET

auto-tracking technology for your voice, the camera kicks ST updates and banning third-

the first time, I felt a mix of in. Computer-vision software LL party apps, a company

awe and dread. Not only can analyzes your shape, deter- WA spokeswoman said. Amazon’s devices see and mines the edges of your I really got used to using hear us—now, they can fol- body and looks at the colors Alexa with a screen—it low us, too. It doesn’t have of your clothing. It recog- makes so much practical NGUYEN/THE wheels. It’s more like a dog nizes you’re a human but, sense. Glancing at a forecast OLE

who watches you get kibble unlike Google’s Nest Hub NIC is more efficient than wait- from the pantry. Max, the Echo Show 10 Amazon's latest smart display, the $250 Echo Show 10, begins shipping on Thursday ing for Alexa to read the The Echo Show 10, which doesn’t recognize faces. day’s highs and lows. And begins shipping Thursday, This processing happens me; another time,itstarted low as you move around the Echo Show 10 as an indoor the device’s photo-frame ca- has a 10.1-inch screen con- within milliseconds—on the following another person kitchen, digitally panning security camera. You can ac- pabilities show off an often nected by a robot arm. At device itself. None of the im- who entered the kitchen. It and zooming to keep you cess the device’s camera underused Prime perk: un- $250, it’s the company’s ages, videos or audio associ- definitely behavesbest when framed like a reality-TV star. from the Alexa app and limited photo storage. most expensive Echo. ated with motion tracking you’realone with it. (Facebook’s Portal does this, swivel the camera around Ireally wanted to watch Like other Alexa devices, are sent to the cloud, says “Alexa, stop following me” but without a robotic arm.) the room to see what is go- liveTVonit, but the options this one canset timersand Amazon. turns off tracking, as does Right now, the Echo Show ing on. If Alexa Guard is en- arelimited. Hulu with LiveTV control smart lightbulbs.And The screen can move 360 switching on my favorite fea- 10 supports Alexa video call- abled, the device can also is the only one of the many as aspeaker,itsounds great. degrees on its cylindrical ture, the shutter that covers ing, available to anyone with detect the sound of smoke livestreaming services offi- But the main idea is that its base. I became aware of the the camera’s lens. an Echo Show or the Alexa alarms, carbon-monoxide cially supported on the Echo screen is visible whenever Echo Show’s full rotational The device’s main attrac- smartphone app on their alarms or breaking glass. Show. (You cantechnically youlook up,displaying your path when mine knocked tion is video calling. The phone. It also runs Skype. While Amazon fully en- watchothers, without voice Netflix showorthe next step over a water bottle as it camera is 13 megapixels, a Amazon says support for crypts Alexa data—including control, using the device’s in arecipe.And if you’re spun to follow me out of the major upgrade from the 1- Zoom and the company’s video calls—and generally webbrowser.) Facebook’sPor- multitasking on avideo call, room. The display’s tilt has megapixel cameras on previ- own enterprise Chime app is has a good record of protect- tal, which is also Alexa-en- the cameraand robot arm to be adjusted manually. ous Echo Show models. The coming soon, but didn’t pro- ing users’ information, I still abled, works with Sling TV, will keep youinframe. While tracking me,the auto-framing feature is neat, vide further details. get nervous having digital Showtime,Starz and CBS All At first, the moving screen Echo Show10would occa- too. Say you’re cooking a The robot arm also comes eyes open inside my home. Access apps.Google’sNest wasmorecreepy than cool. sionally getconfused. Once, it meal while catching up with into play when you’re out of After all, hackers success- Hub works with all of those, Afterafew days,that un- gotdistracted by aTVbehind a friend: The camera will fol- the house and using the fully attacked other internet- plus YouTube TV and Disney+. Facebook to Spend $1 Billion on News Content Australia’s

BY PAUL ZIOBRO otherstopopulateits Face- that would have required producenewscontent. Other radio stations because people Media Law book News product in some Facebook and Google to pay governments, including Can- might listen to them in the Facebook Inc.said it would countries,according to ablog media companies forcontent. ada, pledged to consider mea- car—and letting the stations spend at least $1 billion to li- post WednesdaybyNick Facebook reached adeal sures similar to what Australia set the price,” said Mr. Clegg. Advances cense material from news pub- Clegg, a senior Facebook pol- with the government Tuesday has planned. Many news pub- Facebook intends to strike lishersoverthe next three icy executive. that would restorenewstothe lishers have long voiced con- deals with news publishersto years, a pledge that comes as The company’s new pledge platform in exchangefor mea- cerns that tech platforms ben- have their stories appear on ContinuedfrompageB1 technologycompanies face is similartoaplan Alphabet sures like additional negotia- efit from their content without news productsitisdeveloping. owns big newspapers in Aus- scrutinyfromgovernments Inc.’sGoogle unveiled last year tion with media companies be- adequately paying for it. News Corp, the parent of tralia as well as Dow Jones & around the world over paying to pay more than $1 billion to fore binding arbitration kicks In his blog post, Mr. Clegg TheWall Street Journal, has a Co., the publisher of TheWall fornewscontent that appears license news content forits in. Therevisedlegislation said theproposed Australian commercial agreement to sup- Street Journal. News Corp has on their platforms. Google News Showcase over a cleared itslast major parlia- lawwould have required the ply news through Facebook. supported the law. Thespending plans arein three-year period. mentaryhurdle on Wednesday. company“to paypotential un- Last week,NewsCorp struck a Parliament’supper cham- addition to $600 million that Facebook removed news Australia sought to impose limited amountsofmoney” to three-year deal with Google to ber,the Senate, passed the Facebook paid since2018 in from its platform in Australia such requirementssothe tech global media companies under license content from itspubli- legislation with the Facebook deals with publishers like the last week as the country’sleg- companies payaportion of the arbitration system. “It’s cations and producenew prod- amendments late Wednesday. Guardian, Financial Times and islaturedebated aproposal thecostspublishersincur to likeforcing carmakerstofund ucts for Google platforms. It will nowreturn to the lower chamber, the House of Repre- sentatives—which earlier ADVERTISEMENT passed the unamended ver- sion—for avoteasearly as Thursday. TheMarketplace Prime Minister ScottMorri- To advertise: 800-366-3975orWSJ.com/classifieds son’scenter-right government effectively controls the lower chamber. AUCTIONS Thecode will become law when it is signed by Austra- %)$*@47##., A%11.%@,#., lia’sgovernor-general, the rep- !*4% '1 8*!':86'&# ("1) &#(1 resentative of Britain’s Queen ElizabethII, Australia’shead )** !,-&',2&( 4+/0'++1 3". #$%*% of state. %6-: /<10??10/44@ S Australia’seffort to compel

PRES the tech companies to payfor ,6B TED news has been watched glob- &6: $6,# (->"#- '>-8.)23 *>59

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SS momentum forsimilar legisla- '37735,1/%$%//%& -+3'; /A tion in other countries. In Canada, forexample,one

PICTURES minister has said his govern- &!#!+*9 7*/;%+!5# '3. ment intends to introduce

*-6 ,63365 CHH >3 /-6 5+0-/2 >3 @0B+/+>B4B6' @B<&' MOUNT measures.Canadian Prime RA

76/:+B+B0 ==$' CB9 %226/ .6<>K65G %22><+C/62' ==$' C2 PA Minister Justin Trudeaure- C22+0B66 3>5 /-6 ?6B6D/ >3 <569+/>52 >3 @0B+/+>B4B6' @B<& CB9 Tom Cruise in a scene from last year’s Paramount Pictures release, ‘Top Gun: Maverick.’ cently spokewith Mr.Morri- 76/:+B+B0 ==$' +B <65/C+B 2-C562 >3 <>EE>B CB9 ;56365569 son about potential regulatory 2/>3F6/C"H>?CH!>H9+B02$>5;&@B3>5EC/+>B560C59+B0F6/C cooperation. "H>?CH !>H9+B02 $>5;& +2 CKC+HC?H6 C/ ===7;6,#2->"#-7!>+& Paramount Cuts Theatrical Both Google and Facebook have previouslypaid fornews -<48 +0 (8 "84: )6<=002 in some cases. News Corp al- ready has acommercial agree- 2;<1) $0/-9 7=) ,=,7 .77+== *$ 5'63 Window for Its Top Movies ment to supply news through Facebook. 2"4!3* %99(H +B3> C/ ###'(1%,)',)- ;652>BCH ;5>;65/G B/CBCH 8L62/+>B2& with over 2,500 titles from the and AT&T Inc.’sWarnerMedia tions in adozencountries,in- ViacomCBS Inc.plans to Paramount and Miramax that areseeking to balance cluding Germany, the U.K. and put some of the biggest mov- movie studios,Mr. Bakishsaid their lucrativetheatrical exhi- Australia, foraproduct called BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES ies from itsParamount film Wednesday. bition businesses with the suc- News Showcase,and it has studio on itsParamount+ Everynew Paramount cess of their video-streaming pledged $1 billion over three streaming service within two movie would become available services,which have become years to such licensing deals. 4/,+#566 1),+6,&%2#,761 961*6,+ %:+#"45.; '/"+1; (0/! .1 "6#)*.4)5 +#1*#46! 13 months of their theatrical re- on the Paramount+ platform central to their owners’ corpo- Australian officials have <%77 %+)*(7!+"%& .A0 9-+ >%-9+@''%++$@7 )>= &;4 $;40:/< lease, Chief Executive Officer afterappearing in theaters, he rate strategies. previouslysaid that the code’s "!+)1-9,>%-9<%77 :31<34 -%+/%')%& *3& Bob Bakish told investors ViacomCBS isn’t being quite purpose is to encouragethe /-1$!)*(7%B 8-%)*!7?<"17%+*7% 71'*)!13+ (!&$ ,/-&-! '!%+0!# ,') *+"# Wednesday. as bold as WarnerMedia, tech companies and media 3,B6., reshaping the movie )(+/56& -,6+#).-/$ +6#3 6*)#)6$ !(.37./2*$ aHollywood staple,asthe rise premiered in movie theaters. meantthey had no incentive 2+66/0-(*6$ ./'6/)-+&$ 44%6$ 8(*)-16+ 3.*)* !33A)9/ *77.35)B35 &9>3,B6., :"&*0,2 of streaming services likeNet- industry. Mr.Bakish said that Via- to negotiate. #/7 *#36* 0.*)-+&" flix Inc.reshapes the exhibi- comCBS plans to debut 36 Thetech giantshaveargued -56#+6! 1/ -0/16 9#55+: ,,,<%:+#"45.;'/"+1;(0/!<"+1 /15&56**6,+ /4 76*#.567 .1*6,6+* tion industry. original TV series on Para- that when their platforms */6 16(36'.9/1),+6,&$23#.589/3 *#33 )79>>782872>9- Paramount+ will cost $4.99 mount+ during 2021, with 50 send users to news websites, amonth with ads and $9.99 added. original TV series appearing publishers benefit. #(.*1, 2)%-#) ('#(+1$.'( %D21=#!>6 '$ &)@2 ;#873#?=7D6D 23 >#D+6 without, the companysaid “In short, if you love mov- exclusively on the service Other business groups and Wednesday, adding that the ies,Paramount+ is astreaming within two yearsofits launch. some computer scientistshave ! 0'& %1,) /! 3"()& ?7C=2;3#!D@?#=@28C< .D6CC7D646CC6>C< #89 (%$'"###&## ad-free version would feature servicethat youcan’t live The company aims to turn its also raised concerns about the .D24@96D 23 >#D+6 ;#?)@8@8+ C6D4@?6C 32DC#>6, additional sports, news and without,” Mr. Bakish said. studios into a production hub law, saying that it conflicts $)2'5 8-++ '3&-/*( 7*0+:53& (96#>32D ?#.=@46 C)2., 9):&3 )* !(% 20'3&. 2*5 entertainment programming. ViacomCBS’sdecision to forParamount+ to provide a with the principles of the open "2'3#2,3'.42*1)'5 6("(. (8=6D6C=69.#D=@6C ?#86;#@> #= Thestreaming service, shorten the theatrical window steady stream of original con- internet or that websites .+&#."+#"+"'( !,).% *$!-! *C;@=)A/7C#"#2>,?2; 2D ?#>> -05B:5AB/5A: whose ad-free version will follows similar moves by rivals tent forthe service, Mr.Bakish shouldn’t have to paymoney launch in the U.S. on March 4, including Walt Disney Co., said. in order to surface content. P2JW056000-4-B00500-17FEFF7178F

THE WALL STREET JOURNAL. **** Thursday, February 25, 2021 | B5 BUSINESS NEWS Clinical-Test Firms dog•ged Sign $12 Billion Deal /'dôgd/

BY JARED S. HOPKINS monitoring of study subjects Covid-19 testing moreavail- adjective as people stay at home and able. Clinical-trial operator Icon avoid public places.Raleigh, Thepandemic,and the need Despitespendingmyearly life in ashelter,there’s no dogmore PLC said it would acquirerival N.C.-based PRA’s products in- for reliable and quick testing PRA Health Sciences Inc. for clude mobile and digital plat- and other services,has determinedthan me.Thankstothe National Disaster Search Dog $12 billion, creating a power- forms that enable trial sub- spawned a flurryofnew start- Foundation,ifyou’reevertrapped underrubble afteradisaster, house provider of services to jectstoenter medical ups and prompted other com- pharmaceutical companies information on their smart- panies to broaden services. I’ll findyou.That’s my job, andwhatIwas born to do. You’ll neverfind that arefarming out more phones, easing the burden of Dr. Cutler said with access adog more dogged. work to contractors. datacollection on study man- to morepatientdata, technol- Dublin-based Icon, which agers. ogyand resources, the com- reported $2.8billion in sales The market for virtual tri- bined company would be bet- THENATIONAL DISASTER SEARCH DOG FOUNDATION last year,helps pharmaceutical als,which involvepatient- terpositioned to recruit Strengthening disaster response in Americabyrescuingdogsand partnering them companies runstudies testing friendly platforms such as patients, including those who with first responders to save lives. Be Part of theSearch™ today. Call (888)4K9-HERO, experimental drugsand vac- smartphone apps forwearable suffer from rare diseases, visit SearchDogFoundation.org, or writetoSDF,6800Wheeler CanyonRoad, cines in people, including de- sensorsrather than physical which canrequiresearching SantaPaula,CA93060. ploying nurses to people’s sites is estimated to reach $6 far-flung regions of the world. homes forpatientrecruitment billionby2024, according to Clinical trials, which can last and monitoring.The tie-up Evercore ISI. several years, sometimes need would createone of the “I thinkthe pandemic has morethan two yearstobe world’slargest contract-re- shown everybody that we can filled, he said. search organizations,known do thingsdifferently and it Theacquisition will also ex- as CROs,which test experi- works,” Icon Chief Executive pand Icon’s presence in Asia, mental drugsinanimals and Steve Cutler said Wednesday. including China, agrowing help run studies of promising Dr. Cutler said Icon has about market forthe pharmaceutical late-stage studies in humans. 1,000employees working on industry, Dr. Cutler said. In acquiring PRA, Icon Covid-19 vaccine research for The cash-stock deal valued would expand intodigital and Pfizer Inc. and BioNTech SE. PRAat$166.06ashare, about technologycapabilities that PRAhas been helping drug- a30% premium to PRA’sclos- areplaying roles in clinical tri- makers recruit subjectsfor tri- ing price on Tuesday. als accelerated by the Covid-19 als evaluating Covid-19 drugs —Colin Kellaher contributed pandemic,such as virtual and vaccines and helping make to this article.

Consumersusing payment methods more, lessorthe same Shareofall card payments from ayearearlier* by dollarsspent forfourth Significantly moreoften Somewhatmoreoften quarterofeach year† About the same Somewhatlessoften 100% Significantly lessoften Neveruse this paymentmethod 0255075100% Victor 75 ActiveSearch Dog Debit cards Other card payments RescuedfromRedding, CA. PhotographedbyShaina Fishman at SDF’sNational Training Center. 50 Credit cards

Cash 25 Online consumer credit

Check 0 Online consumer debit 2016 ’17 ’18 ’19 ’20 *Based on July 2020 survey of 2,019consumers' use of paymentmethods overthe prior 90 days †Online carddatainclude other card-not-present methods of paying Sources: S&P Global's 451Research (survey); Source:CMSPI analysis and estimates(share) Card Fees AddtoMerchant Pain Amid Covid-19 Shopping Slump

BY ANNAMARIA ANDRIOTIS Merchantspay them to the around,” Mr.Abbittsaid. But banks that issue the cards. forhim, “asabusinessowner, Visa Inc.and Mastercard Cash use as ashareofU.S. Iliketoreceivecash.” Inc.are planning to raise swipe paymentshas been declining Card-industryexecutives fees forsome types of credit- foryears, but merchantssay sayinterchangefees help cover card purchases in April, adding Covid-19 has accelerated the costsfor important functions to the squeeze felt by restau- shift. Even customerswho are such as innovation and pre- rants, retailersand other mer- shopping in stores areshun- venting fraud. They pointout chantsalready struggling ning cash during the pandemic, that the chancesoffraud are through the Covid-19 pan- which also means moreswipe higher with online purchases, demic. fees forbusinesses. which is partly whyonline SOLUTIONS TODAYFOR ABETTERTOMORROW Whatismore, customers’ Savage Race,asmall busi- swipe fees areoften higher. switch to online shopping dur- nessthat organizes obstacle- Fraudulent online card transac- ing the pandemic—a trend her- course races, has seen sales tions,which canresult in more alded forkeeping businesses plummet during the coronavi- costsfor merchants, jumped afloat when people arereluc- rus. To help persuade counties last year,according to industry tant to ventureinside stores— to let it keep hosting events, data. is also creatingextracostsfor companyexecutives told local While totalretail sales,ex- merchants. Swipe fees,which officials they would stop ac- cluding cars and gasoline,in- merchantspay when acus- cepting cash. creased 0.3% from March 2020 January26-27,2021 tomer pays by card,are often “Wedidn’t want to,” said through Januaryfromthe same higher on online purchases. SamAbbitt, the chief executive period ayear earlier,online Theswipe fees,known as of Savage Race.“It wasone sales increased 57%, according interchangefees in industry morefrictional cost of Covid.” to Mastercard’s SpendingPulse, parlance, areaperpetual Beforethe pandemic,about which measures in-storeand source of contention between half of the paymentsSavage online retail sales acrossall SolutionsToday merchantsand card companies. Race received at eventswere payment forms. Though invisible to consumers, in cash, the method that Mr. Companies arealso paying they areglaring to merchants, Abbittprefers because he moreindebit-cardinterchange which oftenend up paying fees doesn’t have to shell out for fees.Debit has become amore of about 2% of their customers’ swipe fees.“Ithink people like popular payment option in the foraBetterTomorrow credit-cardpurchases.The fees to getcredit-cardrewards, and past year,with people wary of areset by the card networks, it’sconvenient forthem to not taking on debt in an uncertain such as Visa and Mastercard. have to carryphysical cash economy. Building upon the foundation set by Barron's first Wealth Gap adding that he has been sur- conference in September 2020,Solutions Todayfor aBetter Ex-Speaker prised at howmanymore SPACshavebeen created since Tomorrowexpands beyond why it’simportant to address his wasformed. Ryan Joins Many businessmagnates, inequality, focusing on twokey factorsinhow to close the gap: celebrities and former athletes

S including Shaquille O’Neal, access to capital and access to opportunity. AlexRodriguezand Colin Deal Firm PRES Kaepernick have joined the TED SPAC frenzy.Sofar this year, OCIA The two-dayconference will featureexperts in banking, housing, ContinuedfrompageB1 SS on average, between four and

firm because it takesaconser- /A five have been created during vativeapproach to adding each businessday. health care, criminal justice, and more, with programming

debt to companies in itsport- HARNIK While the SPAC surge has folio and eschews layoffs—two accelerated sinceMr. Ryan an- starting daily at noon ET.Speakersinclude leadersfromCisco,

thingsprivate-equity firms are ANDREW nouncedhis plans to form one typically associated with. Paul Ryan formed SPAC in 2020. in August, he said he is going Mastercard, The Rockefeller Foundation, and more. “For 20 yearsinCongress, to wait and see whether So- I’vebeen preaching the vir- about $360 million, is atwist lamere will launch additional tues of thefree-enterprise on the traditional SPAC,with blank-check vehicles,asthese system,” Mr.Ryansaid in an longer-term incentives forits deals arealso known. Register todayat: barrons.com/wealthgap interview. “The reason I’m backersand potentially slim- Mr.Ryan, aWisconsin Re- joining Solamereisthat Iwant mer fees forunderwriters. publican, chose not to runfor to practicewhat Ipreach.” Itsfounderswon’t be able re-election to Congressand ASPACisanempty vehicle to sell anyoftheir shares for wassucceeded by Nancy that raises funds and then three yearsafter anymerger Pelosi (D., Calif.) as House looks forabusinesstobuy or closes.Typically,SPACfound- speaker in 2019. merge with, usually within erscan either sell ayear after The51-year-old wasMr. two years. amergercloses or as soon as Romney’svice-presidential SolamereCapital wasthe the shares trade aboveacer- running matein2012 and be- main sponsor of Mr.Ryan’s tain level. fore taking over as House SPAC, ExecutiveNetwork Solamere has gotten “tre- speaker.Healso served for ©2021Dow Jones&Company,Inc.All rightsreserved. 4E5158 Partnering Corp. mendousinquiries” from po- yearsaschairman of the Thevehicle,which raised tential targets, Mr.Ryansaid, House Budget Committee. P2JW056000-0-B00600-1------XA

B6 | Thursday, February 25, 2021 THE WALL STREET JOURNAL. BUSINESS NEWS Videogame Boom LiftsChip MakerNvidia

Company battles shortages. Nvidia’snewest graphics directing abroad reviewofsup- chips have also been popular pany’s shares have morethan Nvidia on Wednesdayre- cardswereaholidaysensation, ply chains forsemiconductors with cryptocurrencyminers. doubled over the past 12 shortages as ported fiscal fourth-quarter rev- Chief Financial Officer Colette andother critical materials. Thecompanyestimates it had months.Nvidia last year sur- pandemic-fueled enue of $5 billion, up 61% from Kresssaid during an earnings Nvidia’sgame-chip business $100 million to $300 million in passed Intel Corp. as the most ayear earlier,generating $2.31 call. She added that some in- posted arecord$2.5billion in cryptocurrency-related sales, valuable U.S. semiconductor demand increases in earningsashare. It also sees ventories arelikely to remain revenue forthe December quar- Ms.Kress said. company. about $5.3 billion in revenue for lowinthe firstquarter even as ter, up 67% from ayear earlier. Thecompanythis month Shares in Nvidia fell 3.2% in BY MARIA ARMENTAL the current quarter,ahead of Nvidia increases supply. Thecompany’sgraphics chips launched achip aimed at the after-hourstrading afterthe Wall Street’sexpectations. “Throughout our supply chain, have proved useful forother cryptocurrencymarket and es- earningsreport. Graphics-chip maker Nvidia Demand forsome of Nvidia’s stronger demand globally has tasks as well, including artifi- timated it would deriveabout Chief ExecutiveJensen Corp.posted record quarterly chips has been so hot that it has limited the availability of ca- cial-intelligencecalculations $50 million in revenue from Huang wantstoexpand Nvidia’s revenue,capping ayear domi- outpaced the company’sability pacity and components,” Ms. that underpin gadgetssuch as cryptocurrencyinthe current focus with the proposed $40 nated by pandemic-fueledde- to increase production, adding Kresssaid. smart speakersand product- quarter, she said. billion acquisition of U.K.-based mand forits chips as the com- to chip-supply shortages riling President Biden on Wednes- recommendation engines. Through Wednesday’sclose, chip designer Arm Holdings panygrappled with supply the semiconductor industry. daysigned an executiveorder Nvidia’shigh-performance the SantaClara, Calif., com- from SoftBank Group Corp.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

Crane CR 87.74 2.0 FirstHawaiian FHB 29.59 1.6 Hubbell HUBB 180.29 -1.3 LunaInnov LUNA 12.63 5.3 NorthwestPipe NWPX 36.88 2.7 RPC RES 5.92 9.1 SteelDynamics STLD 43.99 2.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE CreditSuisse CS 14.69 2.5 FirstHorizon FHN 17.14 1.9 HudsonExecIII HIIIU 10.40 2.7 Luxfer LXFR 20.38 2.1 NovaMeasuring NVMI 88.50 6.4 RR Donnelley RRD 3.50 32.1 SterlingBancorp STL 23.12 4.9 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low CrescentCapBDC CCAP 16.60 ... FirstInterBanc FIBK 47.47 2.0 HuntingtonBcshs HBAN 16.28 3.2 Lydall LDL 36.51 0.8 NovoIntegratedSciences NVOS 14.98 59.7 RalphLauren RL 120.22 2.3 StevenMadden SHOO 38.77 1.7 in the latest session. %CHG-Daily percentage change from the previous trading session. CrescentPoint CPG 4.20 3.0 FirstMerchants FRME 44.84 3.7 HyattHotels H 91.19 5.5 LyondellBasell LYB 108.00 4.2 Nucor NUE 63.12 3.6 RamacoRscs METC 5.35 2.9 StifelFinancial SF 64.47 4.7 CrossTimbers CRT 9.43 0.1 FirstMidwestBncp FMBI 20.24 4.2 IBEX IBEX 24.25 5.4 M&T Bank MTB 163.78 1.7 nVentElectric NVT 27.49 1.8 RaymondJames RJF 122.70 3.1 Stryker SYK 249.92 0.9 Wednesday, February 24, 2021 CubeSmart CUBE 38.44 1.2 FirstRepBank FRC 178.46 3.2 ICF Intl ICFI 86.38 2.1 MDC Partners MDCA 3.37 5.7 OasisPetrol OAS 59.25 3.1 RedRobin RRGB 31.69 3.9 SummitHotelProp INN 10.85 3.2 52-Wk % 52-Wk % 52-Wk % Cullen/Frost CFR 109.36 2.2 1stSource SRCE 46.38 2.3 ING Groep ING 11.27 2.4 MGMGrowthProp MGP 33.64 -0.8 OccidentalPetrolWt OXY.WS 13.54 11.2 RedRockResorts RRR 30.57 2.7 SummitMaterials SUM 28.62 8.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Cummins CMI 260.26 3.3 FiskerWt FSR.WS 12.25 84.1 Invesco IVZ 23.31 3.0 MGP Ingredients MGPI 70.85 -0.7 OceanFirstFin OCFC 22.71 3.0 RegionsFin RF 22.32 4.5 SunLifeFinancial SLF 51.00 1.9 AveryDennison AVY 181.39 2.7 Cactus WHD 33.97 11.0 CustomersBancorp CUBI 28.88 2.9 Fisker FSR 23.75 38.6 ITT ITT 84.42 2.2 MVB Financial MVBF 34.99 6.4 OldDomFreight ODFL 218.49 2.7 RelianceSteel RS 138.65 2.0 SunCokeEnergy SXC 7.29 3.5 Highs AvisBudget CAR 57.76 2.6 CadenceBancorp CADE 22.23 -1.1 Cutera CUTR 38.80 0.1 FivePrimeTherap FPRX 25.77 9.7 IcahnEnterprises IEP 69.09 2.8 MagnaIntl MGA 87.76 1.2 Olin OLN 33.01 5.7 ReliantBancorp RBNC 23.00 3.3 SunstoneHotelInv SHO 13.74 4.0 AxosFinancial AX 48.44 3.3 CaesarsEnt CZR 89.99 4.7 DHI Group DHX 3.20 1.3 FlushingFin FFIC 22.11 2.8 Ichor ICHR 47.85 9.0 MagnoliaOil MGY 12.95 9.3 OlympicSteel ZEUS 19.38 2.1 Rent-A-Center RCII 55.370.6 Synaptics SYNA 137.89 5.5 AAR AIR 43.04 1.8 BCB Bancorp BCBP 14.15 7.2 CambridgeBncp CATC 80.88 2.7 DXP Ents DXPE 32.19 7.0 FootLocker FL 54.77 3.4 ImperialOil IMO 23.44 2.4 MalibuBoats MBUU 83.09 0.5 oneA AONE 13.72 20.9 RepublicFirstBncp FRBK 3.80 2.5 SynovusFin SNV 45.05 2.5 ABMIndustries ABM 45.00 2.6 BHP Group BHP 79.95 1.4 CanadaGoose GOOS 46.85 4.2 Dana DAN 25.04 6.8 FordMotor F 12.40 5.6 IndependentBank INDB 88.76 3.1 MammothEnergy TUSK 7.27 -3.0 one AONE.U 14.54 15.3 ResideoTech REZI 29.48 4.2 SyprisSolutions SYPR 7.89 90.2 AECOM ACM 60.34 3.6 BHP Group BBL 66.30 2.0 CIBC CM 94.38 2.1 Danaos DAC 41.07 9.0 ForumEnergyTech FET 20.37 9.2 IndependentBank IBTX 74.89 3.1 Manitex MNTX 8.57 -0.3 OneWaterMarine ONEW 38.38 5.8 RevolutionAccelA RAAC 13.20 18.8 Sysco SYY 81.54 2.3 Aflac AFL 49.99 1.2 BOK Fin BOKF 90.33 2.1 CanNaturalRes CNQ 30.14 0.8 Darden DRI 139.23 3.3 FosterLB FSTR 18.25 1.4 IngersollRand IR 48.26 5.5 Manitowoc MTW 17.224.4 Oppenheimer A OPY 38.25 2.1 RevolutionAccelWt RAACW 3.25 60.1 TCF Financial TCF 47.63 3.1 AGCO AGCO 129.99 2.9 B RileyFin RILY 58.41 2.8 CapitalBancorp CBNK 16.83 2.7 Deere DE 346.59 2.4 FoxFactory FOXF 144.26 1.1 Innospec IOSP 104.97 3.4 Manning&Napier MN 7.88 1.3 OriginBancorp OBNK 35.35 2.8 RevolutionAccel RAACU 14.11 19.8 Tegna TGNA 19.13 0.7 AZZ AZZ 53.40 1.9 B.RileyPfdB RILYL 27.04 0.1 CapitalOne COF 125.75 1.6 DelekUS DK 27.38 2.5 FranklinElec FELE 78.22 3.8 InnovativeIndProp IIPR 222.08 5.6 MannKind MNKD 6.25 13.3 OrthofixIntl OFIX 48.50 0.8 RexAmerRes REX 99.70 2.7 Taitron TAIT 5.39 9.8 Abercrombie&Fitch ANF 28.46 6.5 BadgerMeter BMI 109.69 4.3 CapitalaFinNts22 CPTAG 24.58 ... Deluxe DLX 42.98 -1.2 FultonFin FULT 16.38 1.9 InspiredEnt INSE 9.35 4.2 Manpower MAN 99.37 0.3 Oshkosh OSK 120.75 3.0 RingEnergy REI 2.85 31.1 Tapestry TPR 41.82 2.6 AcmeUnited ACU 37.86 -5.3 BakerHughes BKR 25.32 5.2 CapitolFedFin CFFN 13.52 1.7 Denbury DEN 44.61 4.9 GMS GMS 37.85 4.2 InsteelInds IIIN 32.40 6.3 ManulifeFin MFC 20.51 5.4 Ovintiv OVV 24.53 1.3 RioTinto RIO 91.81 1.3 TeckRscsB TECK 23.81 3.1 AdamsRes AE 31.84 5.6 Bally's BALY 66.97 4.6 Capri CPRI 48.70 2.0 DeutscheBank DB 12.45 3.4 GeminiTherap GMTX 15.50 3.5 InterParfums IPAR 74.00 4.3 MarathonOil MRO 12.30 6.1 Owens&Minor OMI 35.73 29.2 RossStores ROST 123.90 2.8 TempurSealy TPX 34.61 1.3 Adient ADNT 40.14 9.2 BancoBilbaoViz BBVA 5.66 1.6 CarpenterTech CRS 45.07 4.8 DiamondbkEner FANG 74.60 3.9 GeneralElec GE 13.35 4.2 IntlBcshs IBOC 45.75 3.1 MarathonPetrol MPC 56.99 1.6 OxfordIndustries OXM 80.21 3.9 RoyalBkCanada RY 90.14 0.5 TenetHealthcare THC 53.80 3.0 AdvDrainageSys WMS 113.85 3.4 BankFirst BFC 74.56 0.9 Cars.com CARS 14.43 7.9 DieboldNixdorf DBD 16.51 3.0 Genesco GCO 49.16 3.7 Interpublic IPG 27.07 1.6 MarineMax HZO 51.82 7.6 PCConnection CNXN 54.89 5.6 RoyalCaribbean RCL 97.08 7.3 Terex TEX 44.43 1.6 Aegon AEG 4.93 1.6 BankOZK OZK 43.19 4.2 CartesianGrwth GLBLU 10.35 2.3 DimeCommBcshs DCOM 31.37 6.1 GlacierBancorp GBCI 55.89 2.6 Intricon IIN 23.18 1.4 Marriott MAR 157.60 5.3 PDC Energy PDCE 34.18 7.2 RuthsHospitality RUTH 23.80 5.7 TexasCapBcshs TCBI 80.61 1.9 Agilysys AGYS 61.49 1.7 BankofAmerica BAC 36.52 2.4 Caterpillar CAT 226.67 1.0 Disney DIS 200.60 0.2 GladstonePfdD GAINM 26.13 ... InvestorsBancorp ISBC 13.48 2.7 MarriottVacations VAC 174.39 4.5 PGT Innovations PGTI 25.22 6.3 RymanHospitality RHP 84.03 1.0 TexasRoadhouse TXRH 95.93 5.3 AirLease AL 49.17 1.6 BankofButterfield NTB 35.95 4.4 CathayGenBncp CATY 41.00 2.1 dMYTechIII Un DMYI.U 16.45 20.3 GoldenEnt GDEN 23.90 2.3 iStar STAR 17.76 5.0 MartinMarietta MLM 348.33 3.5 PNC Fin PNC 179.36 3.0 SITE Centers SITC 13.83 3.1 Textron TXT 53.91 2.5 AlamoGroup ALG 163.15 1.3 BankofHawaii BOH 93.65 0.8 CedarFairRec FUN 49.78 2.1 dMYTechIIIA DMYI 15.39 18.9 GoldmanSachs GS 330.97 3.6 Itron ITRI 118.59 18.5 MasoniteIntl DOOR 115.53 4.7 PQ Group PQG 16.47 2.4 SMART Global SGH 50.00 2.8 Thermon THR 22.18 8.6 AlaskaAir ALK 68.99 1.4 BankofMontreal BMO 86.49 3.4 Celanese CE 142.70 3.1 dMYTechIIIWt DMYI.WS 5.00 45.2 GoodTimesRest GTIM 4.28 14.2 JELD-WEN JELD 31.16 6.8 MasTec MTZ 90.870.7 PRA HealthSci PRAH 155.00 18.7 SM Energy SM 14.93 16.4 ThirdPointReins TPRE 11.23 5.7 AlbanyIntl 84.61 0.2 AIN BkNovaScotia BNS 61.35 3.9 Cemex CX 6.95 6.3 Domtar UFS 37.26 4.5 GoodWksAcqnWt GWACW 1.63 18.1 JPMorganChase JPM 153.76 1.8 Mastercard MA 368.79 4.8 PacificMercBncp PMBC 7.63 0.4 Sabre6.5%Pfd SABRP 194.89 2.5 TimberlandBncp TSBK 28.81 1.5 Alcoa AA 27.29 9.2 BankJamesFinl BOTJ 15.19 0.9 CentennialRsc CDEV 4.29 5.9 Dow DOW 63.98 2.5 Goodyear GT 17.69 -0.6 j2Global JCOM 113.62 3.7 Matson MATX 79.05 -1.3 PacificPremBncp PPBI 41.83 4.6 SalemMedia SALM 3.49 27.6 TItanIntl TWI 9.07 1.1 AlleghenyTechs ATI 21.78 4.6 BankUnited BKU 43.11 2.8 CenturyAluminum CENX 15.69 14.2 elfBeauty ELF 26.42 2.6 GrafTechIntl EAF 12.91 1.4 JacobsEngg J 120.35 3.0 Mattel MAT 20.54 1.0 PacWestBancorp PACW 39.45 1.5 SandbridgeAcqnA SBG 11.56 5.3 TorontoDomBk TD 63.78 2.6 AllegianceBcshs ABTX 39.74 2.0 Banner BANR 54.56 2.0 CenturyBancorpA CNBKA 89.60 3.5 EOG Rscs EOG 72.86 6.7 GrahamHoldings GHC 634.00 -0.1 JazzPharma JAZZ 178.64 10.2 MatthewsIntl MATW 36.17 2.6 ParkHotels PK 23.11 3.1 SandySpringBncp SASR 39.76 1.6 Total TOT 47.67 1.1 AllegiantTravel ALGT 259.99 5.1 BarHarborBkshs BHB 28.25 6.5 CenturyCasinos CNTY 8.89 4.3 EagleBancorp EGBN 50.99 3.3 GraniteConstr GVA 36.45 7.0 JefferiesFin JEF 30.29 3.9 MaxLinear MXL 44.05 8.2 ParkNational PRK 130.25 1.8 Sanmina SANM 36.22 1.5 TowneBank TOWN 29.77 3.2 AllianceData ADS 96.02 4.1 Barclays BCS 9.31 3.2 ChefsWarehouse CHEF 33.60 4.4 EagleBulkShip EGLE 32.33 6.1 GrayTelevision GTN 20.75 0.4 JetBlue JBLU 19.88 -0.1 MelcoResorts MLCO 20.81 1.5 Park-Ohio PKOH 34.50 3.2 SchwabC SCHW 65.43 2.8 Tradeweb TW 71.29 1.5 AlphaMetal AMR 16.70 2.9 BeaconRoof BECN 49.00 4.3 CheniereEnergy LNG 71.50 0.8 EagleMaterials EXP 129.15 3.1 GrayTelevision A GTN.A 18.99 1.4 JohnBeanTech JBT 148.94 3.0 MercuryGeneral MCY 61.17 0.8 ParkerHannifin PH 297.72 3.9 SchweitzerMaud SWM 48.00 3.4 TraneTech TT 156.51 1.4 AltaEquipment ALTG 11.12 2.2 BelFuse A BELFA 17.80 5.6 Chevron CVX 104.04 3.7 EastWestBncp EWBC 74.46 3.8 GreatAjaxNts24 AJXA 24.92 0.5 Joint JYNT 40.09 5.7 MesaAir MESA 13.79 7.1 PatrickIndustries PATK 85.03 1.9 ScionTechII SCOBU 10.75 -0.8 TransActTechs TACT 10.99 7.7 Altabancorp ALTA 36.54 -0.9 BerkHathwy B BRK.B 249.55 1.2 ChickenSoupPfdA CSSEP 26.76 -0.6 EasternBankshares EBC 18.01 4.2 GreatLakesDredge GLDD 16.12 2.5 JonesLang JLL 175.00 1.3 MetaFinancial CASH 45.82 0.4 PattersonUTIEn PTEN 7.49 9.1 ScrippsEW SSP 19.79 0.2 TransDigm TDG 625.05 0.8 Altria MO 45.18 1.6 BerkHathwy A BRK.A 376315 1.1 ChipMOSTechs IMOS 26.95 3.1 EastmanChem EMN 114.36 0.9 Greenbrier GBX 50.21 -2.6 JuniperIndustrial JIH.U 16.11 -0.4 MetLife MET 59.76 3.7 PebblebrookHotel PEB 23.65 1.3 SeacoastBkgFL SBCF 37.78 2.1 TransGlobeEner TGA 1.63 6.8 AltusMidstream ALTM 58.14 1.6 BigCypress BCYPU 11.06 1.1 Chubb CB 171.66 1.1 Eaton ETN 133.92 1.4 Gridsum GSUM 1.93 0.5 KBR KBR 32.90 1.2 MicronTech MU 92.60 4.9 PenskeAuto PAG 69.63 4.8 SeaSpine SPNE 20.54 5.3 Travel+Leisure TNL 59.95 1.4 Amerco UHAL 567.82 1.0 BlueBird BLBD 28.25 22.4 ChurchillDowns CHDN 237.75 3.8 EatonVance EV 74.87 1.7 GpoAeroportSur ASR 186.96 3.4 KaiserAlum KALU 122.97 2.5 MilestoneSci MLSS 4.40 9.2 People'sUtdFin PBCT 19.28 2.2 SeaWorldEnt SEAS 42.98 2.5 TriCoBancshares TCBK 44.75 3.3 AmerEagle AEO 26.83 4.5 BluegreenVac BVH 16.44 5.5 Chuy's CHUY 46.14 3.9 EmersonElec EMR 89.10 2.5 HP HPQ 28.26 2.2 KearnyFinancial KRNY 11.84 1.8 MineralsTechs MTX 74.50 3.0 PerformanceFood PFGC 55.91 1.5 SelectQuote SLQT 31.69 2.7 TriMas TRS 36.62 -0.5 AmerExpress AXP 140.95 2.2 BonanzaCreekEner BCEI 30.89 7.6 CimarexEnergy XEC 61.60 6.6 EnergyRecovery ERII 17.32 3.7 HVBancorp HVBC 18.69 -0.3 KeyCorp KEY 21.56 3.8 MohawkInds MHK 183.49 2.8 PinnacleFinPtrs PNFP 85.36 2.3 SenecaFoods A SENEA 54.93 6.2 TriNet TNET 85.99 2.2 AmericanFin AFG 114.60 1.0 BookingHldgs BKNG 2450.26 3.6 CincinnatiBncp CNNB 12.63 3.0 EnerpacTool EPAC 25.96 2.8 HackettGroup HCKT 16.80 10.6 Kforce KFRC 52.06 2.5 MonarchCasino MCRI 64.20 3.2 PioneerNatRscs PXD 151.06 3.3 ServisFirstBcshs SFBS 51.26 2.5 TrinityIndustries TRN 33.49 -4.6 AmerVanguard AVD 20.43 1.3 BootBarn BOOT 69.18 8.5 CitiTrends CTRN 86.33 1.6 Enerplus ERF 5.42 2.5 Halliburton HAL 22.55 6.4 KimcoRealty KIM 19.22 3.2 MontroseEnvl MEG 47.93 -0.2 PlanetFitness PLNT 89.87 5.6 7GC A VII 10.42 1.9 Trinseo TSE 67.60 2.9 AmerCarMart CRMT 143.20 4.9 BostonPrivFin BPFH 14.54 3.1 CitizensFin CFG 46.56 4.3 EnovaIntl ENVA 31.21 3.4 HalozymeTherap HALO 56.40 9.0 KiteRealty KRG 19.48 2.1 MorganStanley MS 80.10 3.1 PliantTherap PLRX 40.75 17.4 SevernBancorp SVBI 8.49 2.0 TripAdvisor TRIP 50.49 7.6 AmericasTechA ATA 10.30 0.7 BoydGaming BYD 60.60 5.2 Clarus CLAR 18.16 0.7 EnstarGroup ESGR 230.09 2.2 HanmiFinancial HAFC 18.03 1.8 Knowles KN 21.88 1.7 Mosaic MOS 33.23 8.8 Popular BPOP 70.00 3.8 Shyft SHYF 34.96 4.1 Triple-S Mgmt GTS 26.09 8.1 Ameriprise AMP 232.81 2.5 BridgewaterBcshs BWB 15.45 2.3 CleanHarbors CLH 89.83 2.9 EnterpriseFinSvcs EFSC 43.96 3.9 HarborOneBncp HONE 12.62 3.3 KornFerry KFY 64.48 1.4 MuellerIndustries MLI 40.99 4.7 PreferredBankLA PFBC 60.03 2.5 Sibanye-Stillwater SBSW 20.08 6.7 TriStateCapital TSC 25.41 3.9 AmerisBancorp ABCB 50.61 2.4 BrightView BV 17.15 3.5 CoastalFinl CCB 27.30 6.0 Equitable EQH 30.79 5.8 Harsco HSC 22.18 -0.8 Kraton KRA 45.89 3.4 MuellerWater MWA 13.25 1.9 PreformedLine PLPC 79.00 9.7 SignatureBank SBNY 228.00 5.9 TritonIntl TRTN 60.77 2.0 AmeriServFin ASRV 4.15 2.0 BrixmorProp BRX 20.60 2.2 CoffeeHolding JVA 6.48 20.1 EstablishLabs ESTA 76.91 -5.7 HawaiianHoldings HA 28.52 3.9 KrystalBiotech KRYS 81.80 5.9 MyersIndustries MYE 22.97 3.3 PremierFinl PFC 31.66 4.0 SignetJewelers SIG 50.88 -0.8 TriumphBancorp TBK 78.97 0.9 AmplitechWt AMPGW 3.40 8.3 BrookfieldMgt BAM 44.23 2.3 Colfax CFX 46.45 2.9 EsteeLauder EL 298.31 0.8 Hawkins HWKN 66.00 5.4 KuraSushiUSA KRUS 31.33 7.7 Napco Security NSSC 33.32 3.9 PriceSmart PSMT 104.90 2.9 SilverBowRscs SBOW 8.53 3.1 TruistFinl TFC 60.80 2.5 Aon AON 235.88 1.0 BrookfieldBusPtr BBU 43.78 1.7 ColfaxUn CFXA 191.05 2.7 EuronetWorldwide EEFT 157.21 1.9 HaynesIntl HAYN 30.05 0.7 L Brands LB 52.75 1.1 NBT Bancorp NBTB 37.98 2.2 PrincipalFin PFG 60.74 3.0 SimmonsFirstNat SFNC 30.35 3.7 TsakosEnergyPfdD TNPpD 24.51 1.2 AptIncmREIT AIRC 43.53 -0.5 BrookfieldProp BPY 18.07 1.7 Colicity COLIU 10.90 5.2 EvolentHealth EVH 20.83 4.6 Heidrick&Strug HSII 38.41 4.7 LCI Inds LCII 154.78 0.5 NI NODK 18.50 2.5 PriorityIncmPfdF PRIFpF 24.80 0.4 SixFlags SIX 48.32 4.6 TurquoiseHill TRQ 16.75 2.8 ApogeeEnt APOG 40.00 2.5 BrooklineCap BCACU 12.45 1.8 ColonyCapital CLNY 6.13 7.0 Exponent EXPO 99.55 2.7 HeliosTechnologies HLIO 67.79 2.5 LKQ LKQ 40.10 3.7 NL Industries NL 6.57 24.4 Progyny PGNY 53.48 4.0 SkylineChamp SKY 46.11 3.4 UBS Group UBS 16.01 2.2 AppleHospREIT APLE 15.15 -0.3 Brunswick BC 95.30 4.8 ColumbiaBanking COLB 48.50 3.5 ExtendedStayAmer STAY 16.42 2.4 HercHoldings HRI 89.42 5.2 LPL Financial LPLA 137.63 ... NV5Global NVEE 109.40 3.6 ProPetro PUMP 11.44 10.2 SkyWest SKYW 60.79 -0.9 UMB Fin UMBF 87.89 2.9 AppliedIndlTechs AIT 89.16 3.1 BrynMawrBank BMTC 40.00 4.9 ColumbiaFin CLBK 16.96 1.1 ExxonMobil XOM 57.00 3.0 HerculesCapital HTGC 16.09 2.7 LakelandBcp LBAI 16.45 2.9 NaborsIndustries NBR 105.94 19.7 ProsperityBcshs PB 76.64 0.8 Slam SLAMU 10.85 -0.3 US Lime&Min USLM 145.90 1.1 ApyxMedical APYX 11.65 11.2 BurgundyTechWt BTAQW 2.37 -3.9 ColumbusMcKinn CMCO 50.95 2.4 FB Financial FBK 44.23 5.2 Heska HSKA 217.17 5.5 LakelandFin LKFN 70.05 1.7 NatlBankHoldings NBHC 39.93 0.7 PrudentialFin PRU 90.59 5.3 SmithAO AOS 62.29 -0.7 US PhysTherapy USPH 143.67 4.5 ArborRealty ABR 16.97 3.4 BurlingtonStrs BURL 272.66 1.8 Comerica CMA 72.86 3.6 FFBW FFBW 11.10 2.0 Hess HES 70.50 0.8 LandmarkPfd LMRKN 27.41 1.7 NatlEnerSvs NESR 13.21 5.8 Prudential PUK 40.74 1.6 Smith-Midland SMID 12.31 1.0 UltaBeauty ULTA 336.29 1.8 ArcBest ARCB 59.00 4.2 BylineBancorp BY 20.34 2.6 CommerceBcshrs CBSH 77.94 3.3 FNB FNB 12.54 4.2 HewlettPackard HPE 14.88 2.6 LandstarSystem LSTR 162.58 0.8 NatlEnerSvsWt NESRW 2.35 5.7 PubMatic PUBM 62.84 30.6 Snap SNAP 73.59 -1.4 Umpqua UMPQ 18.22 3.6 ArchResources ARCH 58.88 0.5 CAI Intl CAI 50.21 -6.1 CommercialMetals CMC 26.85 7.8 FS Bancorp FSBW 60.91 2.3 HibbettSports HIBB 68.34 6.2 LasVegasSands LVS 64.99 0.7 NatlPrestoInds NPK 117.87 8.7 PyxisTankersPfdA PXSAP 23.95 8.9 SnapOn SNA 206.84 4.8 Unifirst UNF 247.75 1.9 ArcherDaniels ADM 58.63 2.6 CBTX CBTX 30.20 3.3 CommBkSys CBU 73.99 1.9 FalconMineralsWt FLMNW 0.32 28.6 Hillenbrand HI 48.18 4.1 Lear LEA 171.83 -0.9 NatlStorage NSA 40.73 -1.4 QEP Resources QEP 3.72 4.2 SoaringEagle SRNGU 11.12 8.8 UnionAcqnIIWt LATNW 1.65 -8.1 Arcosa ACA 68.46 4.5 CDW CDW 162.73 3.4 ComputerTask CTG 8.05 8.6 FarmlandPtrs FPI 12.15 3.5 HiltonGrandVac HGV 41.15 4.3 LibertyBraves A BATRA 30.60 1.7 NatureSunshine NATR 18.15 1.6 QuantaServices PWR 81.99 3.7 SolarisOilfield SOI 12.71 -0.5 UnitedBkshrsWV UBSI 39.16 3.7 Ardagh ARD 24.70 -3.1 CF Bankshares CFBK 19.99 0.4 Conmed CNMD 129.18 1.2 FederalSignal FSS 38.92 0.4 Hilton HLT 127.48 4.4 LibertyBraves C BATRK 30.04 1.4 NatWest NWG 5.27 0.8 QuotientTech QUOT 13.70 2.5 SolidBiosci SLDB 11.58 -5.4 UtdCmtyBks UCBI 34.90 2.0 AshfordHospPfdG AHTpG 21.25 1.1 CF Industries CF 48.88 4.0 ConnectOneBncp CNOB 24.67 3.1 FifthThirdBncp FITB 36.36 3.3 HoeghLNG Ptrs HMLP 17.02 4.3 LibertyTripAdvA LTRPA 5.98 9.6 NY CmntyBcp NYCB 12.85 2.2 RBB Bancorp RBB 20.23 1.0 Sonos SONO 40.68 4.4 UnitedRentals URI 321.94 2.0 AssociatedBanc ASB 21.19 4.2 CMC Materials CCMP 179.27 7.1 ConocoPhillips COP 54.89 4.9 FirstBanCorp FBP 11.25 3.3 HomeBancShares HOMB 25.69 3.8 LincolnNational LNC 60.12 4.4 NewtekBusSvcs NEWT 23.17 2.2 RBC Bearings ROLL 202.72 2.7 SouthState SSB 85.52 1.4 US Bancorp USB 53.04 2.3 AssuredGuaranty AGO 44.97 1.2 CMLifeSciII CMIIU 14.26 7.7 ContinentalRscs CLR 26.29 4.9 FirstBancorpNC FBNC 41.94 2.1 HomeStreet HMST 45.30 -0.1 LindbladExped LIND 21.90 10.5 NexstarMedia NXST 145.80 -1.0 RCI Hospitality RICK 67.55 12.1 SouthernFirstBcsh SFST 44.88 2.1 USComdtyIndxFd USCI 37.56 1.6 AstecIndustries ASTE 70.09 4.1 CNO Financial CNO 25.65 5.6 Cooper COO 396.86 0.3 FirstBancshares FBMS 34.25 2.4 HopeBancorp HOPE 13.58 3.9 LivaNova LIVN 78.77 0.5 NicoletBankshares NCBS 79.24 2.2 RE/MAX RMAX 41.74 3.4 SoMO Bancorp SMBC 37.25 2.1 USCopperIndex CPER 26.85 2.6 Athene ATH 48.30 4.8 CONSOL Energy CEIX 12.26 7.6 CoreLabs CLB 37.24 5.8 FirstCmwlthFin FCF 14.00 3.1 HorizonTechFin HRZN 15.03 3.4 LiveNationEnt LYV 92.87 0.2 NielsenHoldings NLSN 24.38 3.6 REV REVG 13.29 3.9 SouthwestAir LUV 59.64 4.5 USGasolineFd UGA 31.85 1.2 AtlUnionBkshs AUB 38.68 2.0 CVB Fin CVBF 22.51 2.2 CorePoint CPLG 10.00 7.3 FirstFinBncpOH FFBC 24.00 2.2 HorizonTherap HZNP 96.54 13.3 LiveOakBcshs LOB 58.13 13.0 NorfolkSouthern NSC 264.11 1.5 RLJ Lodging RLJ 16.17 0.8 SpiritAirlines SAVE 39.14 -4.1 US12moOilFd USL 21.83 2.1 Atlas ATCO 14.17 -0.1 CVR Partners UAN 28.04 9.9 Corteva CTVA 47.15 ... FirstFinBkshs FFIN 47.45 2.2 Hovnanian HOV 61.19 3.4 LoralSpace LORL 47.89 9.6 NorthernTechsIntl NTIC 16.98 3.0 RMGAcqnII RMGBU 13.15 6.8 SpiritofTexas STXB 21.68 3.0 UnitedTherap UTHR 181.14 0.8 Auddia AUUDW 1.28 10.0 Cabot CBT 51.81 2.4 Costamare CMRE 10.43 2.1 FirstFoundation FFWM 24.07 2.3 HowmetAerospace HWM 30.52 3.6 Lovesac LOVE 64.22 4.1 NorthernTrust NTRS 100.45 2.8 RMR Group RMR 42.02 3.0 StandexInt SXI 100.87 2.9 Continued on Page B9

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THE WALL STREET JOURNAL. Thursday, February 25, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 31961.86 s424.51, or 1.35% Trailing P/E ratio 32.64 20.96 3925.43 s44.06, or 1.14% Trailing P/E ratio * 45.01 25.82 13597.97 s 132.77, or 0.99% Trailing P/E ratio *† 40.12 29.10 High, low, open and close for each P/E estimate * 20.88 18.39 High, low, open and close for each P/E estimate * 22.92 19.27 High, low, open and close for each P/E estimate *† 30.43 24.15 trading day of the past three months. Dividend yield 1.87 2.38 trading day of the past three months. Dividend yield * 1.48 1.79 trading day of the past three months. Dividend yield *† 0.72 0.92 All-time high 31961.86, 02/24/21 All-time high 3934.83, 02/12/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

28600 3675 12600 Session high 65-day moving average DOWN UP 65-day moving average 65-day moving average Session open Close 27400 3550 12000 t

Close Open t 26200 3425 11400 Session low Bars measure the point change from session's open 25000 3300 10800 Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,186,441,356 40,658,164 Industrial Average 32009.64 31421.29 31961.86 424.51 1.35 31961.86 18591.93 18.6 4.4 8.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 912,744,758 36,375,351 Transportation Avg 13698.09 13382.86 13630.55 227.44 1.70 13630.55 6703.63 38.5 9.0 9.1 Most-active issues in late trading Decl. volume* 270,185,898 4,054,946 Utility Average 835.29 825.37 825.65 -10.20 -1.22 926.14 610.89 -9.0 -4.5 6.6 Volume After Hours Issues traded 3,326 284 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41519.60 40784.25 41490.07 478.81 1.17 41733.23 22462.76 30.3 5.8 13.5 Advances 2,166 216 AMC Entertainment Hldgs AMC 67,928.3 9.98 0.89 9.79 11.38 8.30 Barron's 400 944.70 927.50 943.31 14.54 1.57 943.31 455.11 39.3 10.7 9.2 Declines 1,091 59 GameStop Cl A GME 31,434.1 134.25 42.54 46.38 200.00 80.00 Unchanged 69 9 Express EXPR Nasdaq Stock Market 8,691.4 3.58 0.33 10.15 4.15 2.97 New highs 394 10 Nasdaq Composite 13607.36 13286.59 13597.97 132.77 0.99 14095.47 6860.67 51.4 5.5 22.8 Nokia ADR NOK 8,277.2 4.12 0.08 1.98 4.20 3.99 New lows 21 0 Nasdaq-100 13312.42 12971.82 13302.19 107.48 0.81 13807.70 6994.29 49.9 3.2 24.5 BlackBerry BB 5,174.3 11.99 0.67 5.92 12.72 10.80 Closing Arms† 0.59 0.30 iShares MSCI Emg Markets EEM 4,789.8 55.78 0.05 0.09 55.90 55.22 S&P Block trades* 6,292 284 SPDR S&P 500 SPY 4,686.9 391.87 0.10 0.03 392.65 391.68 500 Index 3928.65 3859.60 3925.43 44.06 1.14 3934.83 2237.40 26.0 4.5 12.6 Nasdaq NYSE Arca ViacomCBS Cl B VIAC 4,219.1 65.56 -0.04 -0.06 67.00 64.17 MidCap 400 2581.02 2533.02 2577.70 46.97 1.86 2577.70 1218.55 34.1 11.8 10.6 Total volume*5,637,244,987 250,765,784 SmallCap 600 1325.66 1293.16 1323.76 35.23 2.73 1323.76 595.67 41.6 18.3 11.8 Percentage gainers… Adv. volume*4,160,222,355 163,677,052 Decl. volume*1,333,515,840 85,817,318 Other Indexes GameStop Cl A GME 31,434.1 134.25 42.54 46.38 200.00 80.00 Issues traded 4,115 1,493 Russell 2000 2286.49 2232.41 2284.38 53.07 2.38 2299.00 991.16 47.1 15.7 13.8 Selecta Biosciences SELB 198.6 4.87 0.73 17.63 4.91 4.13 Advances 2,921 1,072 NYSE Composite 15566.47 15326.67 15539.42 180.29 1.17 15539.42 8777.38 19.1 7.0 6.4 TrueCar TRUE 226.7 5.92 0.86 17.00 6.19 5.02 Declines 1,115 395 Tandem Diabetes Care TNDM 162.6 103.50 12.20 13.36 104.50 89.90 Value Line 639.43 628.03 638.89 10.66 1.70 638.89 305.71 27.9 12.3 4.5 Unchanged 79 26 Express EXPR 8,691.4 3.58 0.33 10.15 4.15 2.97 NYSE Arca Biotech 5959.53 5875.12 5920.94 11.91 0.20 6319.77 3855.67 18.5 3.2 8.0 New highs 387 279 NYSE Arca Pharma 698.21 686.15 694.29 8.14 1.19 725.03 494.36 11.1 0.7 8.2 ...And losers New lows 15 43 KBW Bank 120.02 116.86 119.78 3.23 2.77 119.78 56.19 22.2 22.3 1.6 Ping Identity Holding PING 105.3 28.90 -3.51 -10.83 32.99 26.72 Closing Arms† 0.84 1.50 § PHLX Gold/Silver 144.10 137.83 143.35 2.45 1.74 161.14 70.12 33.5 -0.6 21.2 NetApp NTAP 130.1 66.05 -5.52 -7.71 71.57 64.68 Block trades* 36,277 1,063 § PHLX Oil Service 57.15 54.06 57.08 3.54 6.62 57.08 21.47 6.3 28.8 -26.1 Teladoc Health TDOC 343.9 236.45 -18.08 -7.10 258.20 235.35 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3186.12 3037.07 3183.74 99.86 3.24 3238.92 1286.84 81.9 13.9 33.1 Oshkosh OSK 891.5 106.06 -6.89 -6.10 113.00 105.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 25.04 21.31 21.34 -1.77 -7.66 82.69 19.97 -22.6 -6.2 9.0 RDFN Redfin 77.6 86.27 -5.36 -5.85 91.63 86.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.20 World MSCI ACWI 675.37 1.34 4.5 GameStop Cl A GME 91.71 46.74 103.94 483.00 2.57 2605.3 BriaCell Therapeutics BCTX 3.90 -2.05 -34.45 17.50 3.25 -76.3 MSCI ACWI ex-USA 341.39 –3.01 –0.87 4.6 Sypris Solutions SYPR 5.06 2.40 90.23 7.89 0.54 426.3 Constellation Pharm CNST 27.22 -9.09 -25.03 50.90 17.00 -22.6 MSCI World 2802.40 13.19 0.47 4.2 Novo Integrated Sciences NVOS 6.37 2.38 59.70 14.98 0.97 76.9 Entercom Commun ETM 5.06 -1.14 -18.39 6.35 0.75 33.5 MSCI Emerging Markets 1376.76 –21.44 –1.53 6.6 Koss KOSS 18.44 6.54 54.96 127.45 0.80 1399.2 Overstock.com OSTK 72.93 -15.21 -17.26 128.50 2.47 897.4 Americas MSCI AC Americas 1532.85 15.26 1.01 4.4 Immunome IMNM 43.24 14.73 51.67 63.78 9.28 ... Tuscan Holdings THCB 17.25 -3.43 -16.59 25.20 9.16 71.7 Canada S&P/TSX Comp 18484.53 154.44 0.84 6.0 Express EXPR 3.25 0.94 40.69 13.97 0.57 -14.0 Systemax SYX 37.14 -7.27 -16.37 45.35 14.00 70.8 Latin Amer. MSCI EM Latin America 2353.34 11.21 0.48 –4.0 Fisker FSR 22.58 6.29 38.61 23.75 8.70 120.7 Rafael Holdings Cl B RFL 36.00 -6.79 -15.87 47.67 9.40 84.3 Brazil Sao Paulo Bovespa 115667.78 440.32 0.38 –2.8 Taoping TAOP 11.66 3.19 37.66 15.00 1.86 223.9 Kura Oncology KURA 29.15 -4.17 -12.52 43.00 6.35 142.7 Chile Santiago IPSA 3128.04 59.60 1.94 9.5 R.R. Donnelley Sons RRD 3.17 0.77 32.08 3.50 0.72 43.4 Viomi Technology ADR VIOT 12.25 -1.68 -12.06 18.99 4.20 82.8 Mexico S&P/BMV IPC 45151.38 –116.95 –0.26 2.5 Ring Energy REI 2.70 0.64 31.07 2.85 0.43 74.2 Comstock Mining LODE 5.58 -0.76 -11.99 9.85 0.33 882.6 EMEA Stoxx Europe 600 413.21 1.89 0.46 3.6 PubMatic PUBM 60.27 14.11 30.57 62.84 22.42 ... MicSec US Big Oil 3X InLv NRGD 1.98 -0.25 -11.21 304.72 1.93 -97.0 Eurozone Euro Stoxx 411.83 1.57 0.38 3.6 Owens Minor OMI 32.86 7.43 29.22 35.73 3.63 401.7 Goosehead Insurance Cl A GSHD 147.77 -17.63 -10.66 174.80 37.26 165.6 Belgium Bel-20 3856.79 29.84 0.78 6.5 GreenBox POS GBOX 12.99 2.89 28.61 15.60 0.10 2879.2 Direxion Hi Beta Bear 3X HIBS 16.61 -1.89 -10.22 1437.40 16.55 -96.8 Salem Media Group SALM Direxion Dly SCOND 3 Bear SOXS Denmark OMX Copenhagen 20 1425.09 –3.46 –0.24 –2.7 3.19 0.69 27.60 3.49 0.65 153.2 10.91 -1.19 -9.83 462.00 10.31 -96.0 Sunworks SUNW 14.70 3.11 26.83 29.37 0.29 2021.2 Stable Road Acquisition SRAC 19.06 -2.05 -9.71 29.18 9.20 92.1 France CAC 40 5797.98 18.14 0.31 4.4 Germany DAX 13976.00 111.19 0.80 1.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1557.97 4.59 0.30 3.9 Italy FTSE MIB 23098.15 158.77 0.69 3.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 664.54 0.48 0.07 6.4 Russia RTS Index 1445.91 –9.42 –0.65 4.2 Sundial Growers SNDL 400,472 -31.2 1.45 15.08 3.96 0.14 Revolution Acceleration A RAAC 16,947 13499 12.95 18.81 13.20 10.50 South Africa FTSE/JSE All-Share 66200.76 279.16 0.42 11.4 AMC Entertainment Hldgs AMC 315,557 151.8 9.09 18.05 20.36 1.91 one Cl A AONE 11,022 6215 13.66 20.88 13.72 9.70 Sypris Solutions SYPR Principal Intl Multi PDEV Spain IBEX 35 8269.60 17.50 0.21 2.4 192,931 34566.4 5.06 90.23 7.89 0.54 302 4221 30.06 0.50 30.11 17.86 Naked Brand Group NAKD 163,694 -32.8 1.35 31.07 3.40 0.07 Celcuity CELC 405 3914 14.37 -8.59 18.00 4.03 Sweden OMX Stockholm 818.17 6.40 0.79 6.5 Castor Maritime CTRM 121,328 -26.2 1.11 0.00 2.60 0.11 iShares MSCI Qatar ETF QAT 752 3653 17.71 -2.53 19.32 13.44 Switzerland Swiss Market 10727.70 118.67 1.12 0.2 Turkey BIST 100 1483.02 –34.84 –2.30 0.4 ProSh UltraPro Shrt QQQ SQQQ 114,742 100.0 13.29 -2.49 162.15 11.76 RMG Acqn II Cl A RMGB 16,875 3088 11.72 4.83 14.08 10.54 U.K. FTSE 100 6658.97 33.03 0.50 3.1 Apple AAPL 110,146 6.3 125.35 -0.41 145.09 53.15 John Hancock Multi LC JHML 4,026 2749 50.06 1.17 50.17 27.01 U.K. FTSE 250 21312.65 254.93 1.21 4.0 General Electric GE 106,416 30.5 13.12 4.21 13.35 5.48 PRA Health Sciences PRAH 7,231 2605 151.66 18.73 155.00 58.67 Workhorse Group WKHS 96,236 480.8 15.13 -8.11 42.96 1.32 Reinvent Tech Ptrs Cl A RTP 24,834 2394 13.46 4.02 17.00 10.35 Asia-Pacific MSCI AC Asia Pacific 212.31 –4.36 –2.01 6.2 Ford Motor F 94,727 24.6 12.27 5.59 12.40 3.96 dMY Tech III Cl A DMYI 7,346 2277 14.44 18.95 15.39 10.50 Australia S&P/ASX 200 6777.80 –61.37 –0.90 2.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3564.08 –72.28 –1.99 2.6 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29718.24 –914.40 –2.99 9.1 Track the Markets 2.07 India S&P BSE Sensex 50781.69 1030.28 6.3 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29671.70 –484.33 –1.61 8.1 global stock indexes, bond ETFs, Singapore Straits Times 2924.58 33.88 1.17 2.8 currencies and commodities at Currencies South Korea Kospi 2994.98 –75.11 –2.45 4.2 wsj.com/graphics/track-the-markets Taiwan TAIEX 16212.53 –230.87 –1.40 10.0 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1491.11 –9.50 –0.63 2.9 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTD chg Wed YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004343 23023 –0.2 CREDIT MARKETS Argentina peso .0112 89.6681 6.6 Europe Brazil real .1848 5.4099 4.2 Czech Rep. koruna .04676 21.385 –0.4 Canada dollar .7991 1.2514 –1.7 Denmark krone .1636 6.1112 0.3 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001427 700.90 –1.4 Euro area euro 1.2171 .8217 0.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000281 3565.00 4.2 Hungary forint .003384 295.53 –0.5 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007882 126.87 –0.7 A consumer rate against its 5-year CDs Mexico peso .0491 20.3829 2.5 Norway krone .1194 8.3748 –2.4 benchmark over the past year 2.50% Uruguay peso .02326 42.9950 1.5 Poland zloty .2700 3.7039 –0.8 Bankrate.com avg†: 0.45% 14% Asia-Pacific Russia ruble .01361 73.495 –0.7 Sweden krona .1209 8.2724 0.5

Lone Star Bank 0.71% 2.00 s One year ago Euro Australian dollar .7967 1.2552 –3.5 Switzerland franc 1.1030 .9066 2.5 1.60% Houston, TX 713-358-9400 t 7 China yuan .1549 6.4566 –1.2 1.50 Turkey lira .1395 7.1692 –3.6 s Hong Kong dollar .1289 7.7550 0.03 Colorado Federal Savings Bank 0.75% Ukraine hryvnia .0357 28.0500 –1.1 1.20 0 Yen India rupee .01382 72.342 –1.0 Greenwood Village, CO 877-484-2372 1.00 UK pound 1.4141 .7072 –3.4 Five-year CD yields Tradeweb ICE Indonesia rupiah .0000710 14085 0.2 0.80 TAB Bank 0.75% Middle East/Africa t Wednesday Close 0.50 –7 s Japan yen .009447 105.85 2.5 Ogden, UT 800-355-3063 Kazakhstan tenge .002407 415.44 –1.4 Bahrain dinar 2.6522 .3771 ... t WSJ Dollar Index

t Federal-funds 0.40 CFG Community Bank 0.82% 0.00 –14 Macau pataca .1251 7.9910 unch Egypt pound .0638 15.6795 –0.4 target rate Malaysia ringgit .2474 4.0425 0.5 Israel shekel .3064 3.2638 1.6 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7443 1.3435 –3.5 Kuwait dinar 3.3054 .3025 –0.5 0.00 month(s) years M A M J J A S O N D J F First Internet Bank of Indiana 0.96% Pakistan rupee .00628 159.250 –0.7 Oman sul rial 2.5976 .3850 –0.01 maturity 2020 2021 Indianapolis, IN 888-873-3424 Philippines peso .0206 48.629 1.3 Qatar rial .2747 3.641 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7580 1.3192 –0.2 Saudi Arabia riyal .2666 3.7506 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009029 1107.53 2.0 South Africa rand .0690 14.4998 –1.3 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051560 193.95 4.7 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03593 27.833 –0.9 Yield (%) 52-Week Total Return (%) Thailand baht .03329 30.040 unch WSJ Dollar Index 84.89 –0.11–0.13 –0.13 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.19 0.18 0.18 l 1.61 -1.77 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2386.970 0.810 0.750 1.300 0.400 1.351 4.950 Money market, annual yield 0.09 0.09 0.09 l 0.50 -0.21 Five-year CD, annual yield 0.45 0.45 0.45 l 1.38 -1.11 U.S. Treasury Long, Barclays 4229.330 2.120 1.950 2.120 0.980 –4.416 8.432 Commodities 30-year mortgage, fixed† 3.17 2.96 2.83 l 4.22 -1.26 Aggregate, Barclays 2239.510 1.380 1.300 2.310 1.020 2.254 5.315 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.52 2.41 2.32 l 3.43 -1.39 Fixed-Rate MBS, Barclays 2220.060 1.570 1.440 2.690 0.930 2.171 4.184 DJ Commodity Jumbo mortgages, $548,250-plus† 3.21 3.00 2.85 l 4.36 -1.57 836.48 10.07 1.22 836.48 433.70 43.17 14.34 High Yield 100, ICE BofA 3345.435 3.410 3.280 10.740 3.261 5.077 5.644 Refinitiv/CC CRB Index 2.63 195.13 106.29 16.29 Five-year adj mortgage (ARM)† 3.15 3.14 2.85 l 3.69 -1.17 195.13 1.37 17.35 Muni Master, ICE BofA 590.443 1.029 0.775 3.441 0.725 1.652 4.650 Crude oil, $ per barrel 1.55 63.22 -37.63 30.30 New-car loan, 48-month 4.03 4.02 4.02 l 4.50 0.45 63.22 2.51 29.74 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 907.729 4.712 4.586 7.480 4.295 0.580 4.786 Natural gas, $/MMBtu 2.854 -0.025 -0.87 3.354 1.482 56.73 12.41 banks.† Excludes closing costs. Gold, $ per troy oz. 1796.40 -8.00 -0.44 2051.50 1477.30 9.54 -5.11 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW056000-0-B00800-1------XA

B8 | Thursday, February 25, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Cash Prices Wednesday, February 24, 2021 Open High hilo Low Settle Chg interest These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Metal & Petroleum Futures May 17.00 17.24 16.85 17.17 .16 419,200 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future Contract Open May 29.95 29.95 29.95 29.95 …2,294 Open High hi lo Low Settle Chg interest months. July 29.75 29.75 29.75 29.75 –.05 2,425 Wednesday Wednesday Wednesday Copper-High (CMX)-25,000 lbs.; $ per lb. Cotton (ICE-US)-50,000 lbs.; cents per lb. Feb 4.2200 4.2200 s 4.2200 4.3010 0.1135 485 March 92.33 92.33 s 92.33 92.33 .96 25 Aluminum, LME, $ per metric ton *2136.5 Wheat,No.1soft white,Portld,OR-u 7.3000 May 4.2205 4.3305 s 4.1480 4.3040 0.1165 157,554 Energy May 92.67 94.16 s 92.14 93.69 1.02 121,856 Copper,Comex spot 4.3010 Gold (CMX)-100 troy oz.; $ per troy oz. Food Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.350 Iron Ore, 62% Fe CFR China-s 172.5 Feb 1805.80 1805.80 1799.00 1796.40 –8.00 1,818 March 110.30 111.90 109.10 111.90 2.40 2,307 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w Shredded Scrap, US Midwest-s,m 402 March 1805.00 1810.70 1782.00 1796.60 –8.20 2,039 12.000 Beef,carcass equiv. index Steel, HRC USA, FOB Midwest Mill-s 1200 April 1805.00 1813.00 1782.20 1797.90 –8.00 364,210 May 113.45 115.65 112.50 115.55 2.45 8,685 Metals choice 1-3,600-900 lbs.-u 198.71 June 1807.90 1815.00 1785.00 1800.80 –7.80 69,730 Fibers and Textiles select 1-3,600-900 lbs.-u 186.79 Aug 1810.50 1814.80 1787.90 1802.80 –7.70 19,620 Interest Rate Futures Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8316 Oct 1813.00 1816.00 1790.00 1804.20 –7.70 7,511 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Engelhard industrial 1791.00 Burlap,10-oz,40-inch NY yd-n,w 0.7000 Butter,AA Chicago 1.4650 Palladium (NYM) - 50 troy oz.; $ per troy oz. March 192-050 192-230 188-010 189-310 –1-16.0 423,950 Handy & Harman base 1788.00 Cotton,1 1/16 std lw-mdMphs-u 0.9094 Cheddar cheese,bbl,Chicago 138.25 Feb …… …2420.80 87.00 30 June 190-170 191-000 186-110 188-100 –1-15.0 764,961 Handy & Harman fabricated 1984.68 Cotlook 'A' Index-t *97.35 Cheddar cheese,blk,Chicago 159.00 June 2357.00 2446.50 2333.50 2431.50 86.80 8,219 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% LBMA Gold Price AM *1809.50 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 109.50 Platinum (NYM)-50 troy oz.; $ per troy oz. Wool,64s,staple,Terr del-u,w n.a. Feb 1255.60 18.20 3 March 162-180 162-290 160-160 161-170 –20.0 426,729 LBMA Gold Price PM *1799.65 Coffee,Brazilian,Comp 1.3048 April 1251.50 1278.90 1241.80 1257.90 18.20 64,491 June 161-000 161-120 158-300 160-000 –19.0 822,507 Krugerrand,wholesale-e 1871.38 Grains and Feeds Coffee,Colombian, NY 1.8588 Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Maple Leaf-e 1889.37 Eggs,large white,Chicago-u 1.1150 Barley,top-quality Mnpls-u n.a. Feb 27.857 0.171 131 March 135-175 135-230 134-275 135-050 –8.5 1,439,780 American Eagle-e 1889.37 Flour,hard winter KC 17.45 Bran,wheat middlings, KC-u 180 May 27.785 28.150 27.415 27.928 0.186 119,014 June 134-155 134-200 133-240 134-025 –8.0 2,609,580 Mexican peso-e 2177.54 Hams,17-20 lbs,Mid-US fob-u n.a. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Corn,No. 2 yellow,Cent IL-bp,u 5.4700 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Austria crown-e 1766.77 Hogs,Iowa-So. Minnesota-u 79.06 April 61.29 63.51 s 60.97 63.22 1.55 444,616 March 125-135 125-155 125-040 125-065 –4.7 1,407,398 Corn gluten feed,Midwest-u,w 184.9 Austria phil-e 1889.37 Pork bellies,12-14 lb MidUS-u n.a. May 61.07 63.28 s 60.77 63.00 1.57 258,657 June 125-017 125-037 124-240 124-267 –4.7 2,380,504 Corn gluten meal,Midwest-u,w 643.8 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.9622 June 60.64 62.79 s 60.34 62.52 1.56 267,741 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Cottonseed meal-u,w 460 Engelhard industrial 27.6000 Steers,Tex.-Okla. Choice-u 114.05 July 60.06 62.18 s 59.80 61.93 1.56 161,888 March 110-158 110-161 110-147 110-152 –.5 844,090 Hominy feed,Cent IL-u,w 155 Dec 57.29 59.19 s 57.04 58.98 1.55 316,953 Handy & Harman base 27.8460 Steers,feeder,Okla. City-u,w June 110-152 110-155 110-140 110-147 –.4 1,534,914 Meat-bonemeal,50% pro Mnpls-u,w 338 154.63 Dec'22 53.38 54.90 s 53.20 54.81 1.39 121,340 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Handy & Harman fabricated 34.8080 Oats,No.2 milling,Mnpls-u 3.7725 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Fats and Oils Feb 99.9250 99.9250 99.9225 99.9250 210,580 LBMA spot price *£19.8500 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 March 1.8648 1.9125 s 1.8553 1.9083 .0403 20,759 (U.S.$ equivalent) *27.9650 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.7500 April 1.8575 1.9044 s 1.8472 1.9000 .0391 121,988 April 99.9250 99.9300 t 99.9200 99.9250 154,996 Sorghum,(Milo) No.2 Gulf-u 7.6925 Coins,wholesale $1,000 face-a 21431 Grease,choice white,Chicago-h Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% SoybeanMeal,Cent IL,rail,ton48%-u 426.80 0.4000 March 1.8586 1.9000 s 1.8486 1.8956 .0370 24,498 March 92-290 –4.5 147,511 Other metals Soybeans,No.1 yllw IL-bp,u 14.1350 Lard,Chicago-u n.a. April 1.9395 1.9837 s 1.9294 1.9777 .0352 125,807 Eurodollar (CME)-$1,000,000; pts of 100% LBMA Platinum Price PM *1251.0 Wheat,Spring14%-pro Mnpls-u 7.6400 Soybean oil,crude;Centl IL-u 0.5252 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 99.8375 99.8425 99.8325 99.8350 –.0050 1,075,658 Platinum,Engelhard industrial 1246.0 Wheat,No.2 soft red,St.Louis-u 7.1775 Tallow,bleach;Chicago-h 0.4575 March 2.878 2.886 2.822 2.854 –.025 4,558 June 99.8550 99.8550 99.8400 99.8450 –.0050 1,111,270 Palladium,Engelhard industrial 2364.0 Wheat - Hard - KC (USDA) $ per bu-u 6.8100 Tallow,edible,Chicago-u 0.5250 April 2.866 2.868 2.791 2.795 –.062 182,755 Dec 99.7800 99.7850 99.7700 99.7800 –.0050 947,021 May 2.895 2.895 2.819 2.822 –.063 206,535 March'23 99.6350 99.6450 t 99.5900 99.6050 –.0200 1,227,786 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; June 2.937 2.937 2.869 2.871 –.062 74,002 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 2/23 Sept 2.988 2.990 2.924 2.926 –.060 91,045 Currency Futures Source: Dow Jones Market Data Oct 2.999 3.001 2.934 2.937 –.059 130,246 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Agriculture Futures March .9504 .9508 .9426 .9441 –.0056 181,882 Bonds | wsj.com/market-data/bonds/benchmarks June .9516 .9516 .9436 .9450 –.0056 783 Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD March 553.50 560.75 552.00 559.25 5.50 154,367 March .7943 .7998 s .7938 .7982 .0041 157,841 Tracking Bond Benchmarks May 552.25 558.00 551.00 557.00 4.50 767,566 June .7944 .7998 s .7938 .7982 .0041 6,669 Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week March 362.00 369.00 361.00 367.25 4.25 334 March 1.4114 1.4245 s 1.4083 1.4125 .0016 170,459 May 369.75 373.25 s 367.75 370.75 1.25 3,174 highs and lows for different types of bonds June 1.4082 1.4248 s 1.4082 1.4129 .0016 4,633 Soybeans (CBT)-5,000 bu.; cents per bu. Total Total Swiss Franc (CME)-CHF 125,000; $ per CHF March 1407.25 1426.50 1406.75 1423.75 17.75 48,129 return YTD total return YTD total March 1.1052 1.1060 t 1.1001 1.1021 –.0029 52,121 Yield (%) Yield (%) May 1410.00 1428.00 1409.50 1425.75 17.25 360,520 close return (%) Index Latest Low High close return (%) Index Latest Low High Soybean Meal (CBT)-100 tons; $ per ton. June 1.1078 1.1086 t 1.1029 1.1048 –.0029 786 Australian Dollar (CME)-AUD 100,000; $ per AUD March 427.90 434.80 425.50 428.30 1.80 19,337 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays March .7912 .7974 s .7896 .7944 .0031 142,058 May 427.10 434.00 424.70 427.30 1.30 183,322 2220.06 -0.5 Mortgage-Backed 1.570 0.930 2.690 Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .7911 .7976 s .7899 .7946 .0031 2,035 2239.51 -2.2 U.S. Aggregate 1.380 1.020 2.310 Mexican Peso (CME)-MXN 500,000; $ per MXN March 49.29 51.54 s 49.02 51.14 1.88 19,197 U.S. Corporate Indexes Bloomberg Barclays 2163.96 -0.6 Ginnie Mae (GNMA) 1.540 0.290 2.660 May 48.37 50.39 s 48.12 50.03 1.66 205,739 March .04866 .04904 .04854 .04890 .00031 159,633 Rough Rice (CBT)-2,000 cwt.; $ per cwt. June .04819 .04857 .04812 .04845 .00031 5,606 3345.71 -3.2 U.S. Corporate 2.030 1.740 4.580 1312.26 -0.4 Fannie mae (FNMA) 1.580 1.110 2.690 March 12.84 12.94 12.83 12.87 .03 748 Euro (CME)-€125,000; $ per € May 13.15 13.26 13.15 13.17 .02 8,329 March 1.2153 1.2180 1.2114 1.2153 .0005 669,797 3084.90 -0.9 Intermediate 1.280 1.080 4.400 2012.06 -0.5 Freddie Mac (FHLMC) 1.580 1.080 2.710 Wheat (CBT)-5,000 bu.; cents per bu. June 1.2178 1.2203 1.2138 1.2177 .0005 20,290 Long term 590.44 -0.9 Muni Master 1.029 0.725 3.441 March 680.25 14.50 19,607 4829.95 -6.9 3.290 2.730 4.930 May 670.50 688.50 668.75 685.50 15.25 186,848 Index Futures 669.96 -4.2 Double-A-rated 1.750 1.300 3.360 417.09 -1.1 7-12 year 1.071 0.712 3.447 Wheat (KC)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index March 642.00 657.00 639.00 656.00 15.00 12,412 893.77 -2.9 Triple-B-rated 2.270 2.010 5.350 476.64 -1.2 12-22 year 1.464 1.095 3.690 May 648.75 664.00 s 645.25 663.00 15.75 113,886 March 31481 31964 s 31322 31916 424 91,515 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 31353 31838 s 31202 31798 426 544 High Yield Bonds ICE BofA 465.03 -0.8 22-plus year 2.047 1.682 4.123 S&P 500 Index (CME)-$250 x index March 138.200 140.425 138.200 140.375 1.800 8,874 501.27 1.2 High Yield Constrained 4.049 3.955 11.400 Global Government J.P. Morgan† April 142.300 144.825 142.225 144.750 2.150 13,433 March 3884.40 3926.90 3852.80 3922.60 44.70 26,005 June …… …3912.60 44.90 22 Cattle-Live (CME)-40,000 lbs.; cents per lb. 476.02 4.2 Triple-C-rated 6.953 6.939 19.071 597.61 -2.9 Global Government 0.880 0.390 0.930 Feb 115.850 116.650 115.625 116.575 .950 1,508 Mini S&P 500 (CME)-$50 x index April 121.475 122.925 121.425 122.225 1.025 143,563 March 3876.25 3927.75 3851.75 3922.50 44.50 2,574,846 3345.44 0.5 High Yield 100 3.410 3.261 10.740 834.30 -3.4 Canada 1.330 0.590 1.330 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 3867.25 3917.50 3841.50 3912.50 45.00 76,858 EMU§ April 87.000 89.425 s 86.950 89.425 3.000 101,538 Mini S&P Midcap 400 (CME)-$100 x index 452.23 1.1 Global High Yield Constrained 4.086 4.037 11.310 410.19 -2.5 0.333 0.010 0.794 March 2530.20 2583.90 s 2516.00 2576.60 48.40 50,449 June 93.975 96.075 s 93.875 95.900 2.275 54,263 342.55 1.4 Europe High Yield Constrained 2.583 2.564 8.183 769.08 -3.1 France 0.220 -0.160 0.430 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 2540.30 2575.10 s 2534.40 2574.60 35.80 3 Mini Nasdaq 100 (CME)-$20 x index March 1014.40 1021.50 997.00 1010.80 –7.30 755 U.S Agency Bloomberg Barclays 538.77 -2.4 Germany -0.190 -0.740 -0.120 May 890.20 921.00 s 890.10 906.40 16.30 1,830 March 13170.75 13334.00 12958.00 13302.00 110.00 234,225 Milk (CME)-200,000 lbs., cents per lb. June 13155.00 13318.75 12945.75 13290.75 110.00 5,796 1852.35 -0.8 U.S Agency 0.630 0.460 1.450 292.41 -0.9 Japan 0.390 0.040 0.390 Feb 15.63 15.66 15.59 15.59 –.05 3,116 Mini Russell 2000 (CME)-$50 x index -0.4 10-20 years Netherlands March 15.92 16.18 15.80 16.03 .17 3,936 March 2232.30 2295.50 2218.30 2285.10 53.90 570,365 1620.45 0.490 0.340 1.370 599.62 -3.0 -0.070 -0.540 0.080 June 2218.40 2290.30 2214.30 2280.50 53.90 2,351 Cocoa (ICE-US)-10 metric tons; $ per ton. 4088.43 -4.3 20-plus years 2.050 1.170 2.140 1015.08 -7.3 U.K. 1.140 0.390 1.140 March 2,650 2,650 2,650 2,650 54 1,870 Mini Russell 1000 (CME)-$50 x index May 2,499 2,568 2,482 2,553 54 107,198 March 2194.40 2223.40 2185.10 2223.10 23.70 10,218 2869.33 -2.2 Yankee 1.600 1.370 3.500 907.73 -2.8 Emerging Markets ** 4.712 4.295 7.480 Coffee (ICE-US)-37,500 lbs.; cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index March 137.00 137.75 s 136.95 135.65 –1.20 316 March 90.09 90.45 89.96 90.17 …39,727 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds May 137.05 139.60 s 136.15 137.25 –1.05 110,593 June 90.06 90.42 89.95 90.15 …1,407 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March 18.40 18.50 18.10 18.16 –.25 51,486 Source: FactSet Global Government Bonds: Mapping Yields Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Inventories, imports and demand for the week ended February 19. Current figures are in thousands of barrels Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas 0.125 U.S. 2 0.125 s l 0.115 0.123 1.266 import and demand data are available monthly only. 1.125 10 1.388 s l 1.363 1.090 1.377 Inventories, 000s barrels Imports, 000s barrels per day 5.500 Australia 2 0.135 s l 0.130 0.114 0.660 1.0 1.3 -59.2

Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year 1.500 10 1.623 s l 1.575 1.096 0.913 22.8 22.6 -46.1 Current change week ago avg avg Current change week ago avg avg 0.000 France 2 -0.608 s l -0.623 -0.602 -0.638 -73.3 -74.0 -189.0 Crude oil and 0.000 10 -0.041 s l -0.062 -0.277 -0.236 -143.6 -141.1 -161.0 petroleum prod 1,284,767 ... 1,299 1,290 1,305 1,264 6,350 ... 7,931 7,903 7,817 9,497 0.000 Germany 2 -0.684 t l -0.683 -0.702 -0.671 -80.9 -80.0 -192.3 Crude oil 0.000 10 -0.299 s l -0.314 -0.510 -0.478 -166.4 -185.2 excluding SPR 463,042 -4,900 462 443 467 471 4,599 ... 5,898 6,217 5,715 7,448 -169.4 Gasoline 257,096 ... 257 256 256 243 531 ... 670 405 607 557 0.050 Italy 2 -0.320 s l -0.326 -0.213 -0.176 -44.5 -44.3 -142.8 Finished gasoline 24,437 -3,000 24 27 24 24 48 ... 14 51 48 84 0.900 10 0.690 s l 0.643 0.743 0.964 -70.5 -70.7 -41.0 Reformulated 47 ... 00 00 0... 00 00 0.100 Japan 2 -0.104 s l -0.111 -0.131 -0.164 -22.9 -22.8 -141.5 Conventional 24,390 ... 24 27 24 24 48 ... 14 51 48 84 0.100 10 0.123 s l 0.120 0.043 -0.061 -127.2 -122.9 -143.5 Blend. components 232,659 ... 233 230 232 218 483 ... 656 354 558 474 0.000 Spain 2 -0.440 s l -0.449 -0.492 -0.445 -56.5 -56.5 -169.7 Natural gas (bcf) 2,281 ... 32 32...... 0.100 10 0.404 s l 0.370 0.125 0.210 -99.1 -97.9 -116.4 Kerosene-type jet fuel 41,197 ... 41 43 42 42 125 ... 43 43 54 141 0.125 U.K. 2 0.033 s l -0.026 -0.121 0.495 -9.2 -14.3 -75.7 Distillates 152,715 -4,400 158 138 159 141 303 ... 362 177 385 141 4.750 10 0.736 s l 0.720 0.312 0.522 -66.0 -62.9 -85.2 Heating oil 9,390 ... 910911 45 ... 01 11 14 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Diesel 143,325 ... 148 129 150 130 258 ... 362 176 374 123 Residual fuel oil 32,246 ... 33 31 33 36 137 ... 129 202 188 247 Corporate Debt Other oils 272,195 ... 275 280 276 259 521 ... 667 713 684 827 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Net crude, petroleum expectations products, incl. SPR 1,922,540 ... 1,936 1,925 1,943 1,932 -395 ... -633 -1,294 -104 2,676 Investment-grade spreads that tightened the most… Spread*, in basis points Weekly Demand, 000s barrels per day Natural gas storage Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week DuPont de Nemours DD 2.169 1.80 May 1, ’23 168 –11 n.a. Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Current change week ago avg avg National Rural Utilities Cooperative Finance NRUC 0.350 0.35 Feb. 8, ’24 11 –8 n.a. Natural gas, Credit Suisse First Boston … 7.125 2.19 July 15, ’32 79 –7 n.a. Total petroleum lower 48 states 4250 International Business Machines IBM 3.300 1.08 May 15, ’26 48 –7 48 product 18,688 ... 20,668 19,884 19,517 20,445 t Nordea Bank Abp NDASS 0.750 0.84 Aug. 28, ’25 23 –6 n.a.

Finished 3250 Pacific Gas and Electric … 3.150 1.71 Jan. 1, ’26 110 –6 108 motor gasoline 7,207 ... 8,407 9,035 7,810 9,426 t Cisco Systems CSCO 5.900 2.78 Feb. 15, ’39 53 –5 52 Kerosene-type Five-year average 2250 American Honda Finance HNDA 1.800 2.05 Jan. 13, ’31 67 –5 n.a. jet fuel 979 ... 1,175 1,450 1,042 1,642 for each week Distillates 3,932 ... 4,454 4,119 4,223 4,004 1250 …And spreads that widened the most Residual fuel oil 285 ... 315 292 238 323 Alexander Funding Trust … 1.841 1.20 Nov. 15, ’23 107 8 n.a. Propane/propylene 951 ... 1,869 1,222 1,629 ... 250 Apple AAPL 2.400 0.28 May 3, ’23 16 6 n.a. Other oils 5,334 ... 4,448 3,765 4,575 ... M A M J J A S O N D J F 2020 2021 Philip Morris International PM 4.250 3.40 Nov. 10, ’44 116 6 113 Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Banco Santander SANTAN 4.250 1.73 April 11, ’27 112 6 110 Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Credit Agricole ACAFP 2.811 3.22 Jan. 11, ’41 98 5 92 BNP Paribas BNP 2.824 3.31 Jan. 26, ’41 123 5 122 Exchange-Traded Portfolios | WSJ.com/ETFresearch General Motors GM 6.250 4.05 Oct. 2, ’43 181 5 172 Toyota Motor Credit TOYOTA 0.800 0.90 Oct. 16, ’25 30 5 25 Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) High-yield issues with the biggest price increases… Schwab US TIPs SCHP 61.26 –0.11 –1.3 Wednesday, February 24, 2021 Closing Chg YTD ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 319.53 1.31 4.5 Bond Price as % of face value Closing Chg YTD SPDR S&PMdCpTr MDY 469.79 1.83 11.9 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 55.73 –0.64 7.9 SPDR S&P 500 SPY 391.77 1.10 4.8 ARKInnovationETF ARKK 138.32 –0.52 11.1 iShMSCIJapan EWJ 70.42 –0.83 4.2 SPDR S&P Div SDY 114.18 1.13 7.8 WeWork WEWORK 7.875 10.35 May 1, ’25 91.750 2.50 85.650 iShNatlMuniBd MUB 115.80 –0.24 –1.2 TechSelectSector XLK 134.71 1.53 3.6 CnsmrDiscSelSector XLY 166.68 1.05 3.7 Transocean RIG 7.500 19.02 April 15, ’31 49.000 1.50 46.250 CnsStapleSelSector XLP 65.05 –0.06 –3.6 iSh1-5YIGCorpBd IGSB 55.01 –0.02 –0.3 UtilitiesSelSector XLU 60.00 –1.17 –4.3 EnSelectSectorSPDR XLE 50.29 3.54 32.7 iShPfd&Incm PFF 37.45 –0.13 –2.8 VanEckGoldMiner GDX 33.70 0.78 –6.4 Royal Caribbean RCL 7.500 5.04 Oct. 15, ’27 113.750 1.25 109.930 iShRussell1000Gwth IWF 246.03 0.67 2.0 FinSelSectorSPDR XLF 33.55 1.94 13.8 VangdInfoTech VGT 367.62 1.38 3.9 iShRussell1000 IWB 222.64 1.05 5.1 VangdSC Val VBR American Airlines AAL 5.000 7.47 June 1, ’22 97.063 1.06 94.500 HealthCareSelSect XLV 114.74 0.69 1.1 163.24 2.07 14.8 iShRussell1000Val IWD 148.15 1.44 8.4 VangdSC Grwth VBK 291.98 1.85 9.1 IndSelSectorSPDR XLI 93.28 1.89 5.3 iShRussell2000Gwth IWO 321.88 2.07 12.3 VangdExtMkt VXF 183.90 1.31 11.7 ZF North America Capital ZFFNGR 4.750 2.62 April 29, ’25 108.375 0.63 n.a. InvscQQQI QQQ 324.13 0.82 3.3 iShRussell2000 IWM 227.00 2.36 15.8 VangdDivApp VIG 142.64 0.69 1.0 InvscS&P500EW RSP 138.34 1.58 8.5 Bombardier BBDBCN 7.450 8.38 May 1, ’34 92.625 0.50 91.000 iShRussell2000Val IWN 157.68 2.73 19.7 VangdFTSEDevMk VEA 49.55 0.36 5.0 iShCoreDivGrowth DGRO 46.57 0.98 3.9 iShRussellMid-Cap IWR 74.33 1.21 8.4 VangdFTSE EM VWO 54.43 –0.64 8.6 Occidental Petroleum OXY 6.450 4.98 Sept. 15, ’36 115.729 0.48 115.750 iShCoreMSCIEAFE IEFA 72.55 0.36 5.0 iShS&P500Growth IVW 65.23 0.76 2.2 VangdFTSE Europe VGK 62.99 0.82 4.6 iShCoreMSCIEM IEMG 67.01 –0.61 8.0 iShS&P500Value IVE 137.75 1.48 7.6 VangdFTSEAWxUS VEU 61.81 0.02 5.9 iShCoreMSCITotInt IXUS 71.34 0.18 6.2 …And with the biggest price decreases iShShortTreaBd SHV 110.52 ... –0.0 VangdGrowth VUG 260.13 0.66 2.7 iShCoreS&P500 IVV 393.21 1.10 4.7 iShSilver SLV 25.94 0.89 5.6 VangdHlthCr VHT 229.54 0.80 2.6 iShCoreS&P MC IJH 257.23 1.81 11.9 iShTIPSBondETF TIP 125.83 –0.08 –1.4 VangdHiDiv VYM 98.26 1.36 7.4 TransAlta TACN 6.500 5.36 March 15, ’40 113.456 –1.81 n.a. iShCoreS&P SC IJR 108.96 2.76 18.6 iSh1-3YTreasuryBd SHY 86.33 –0.03 –0.1 VangdIntermBd BIV 90.87 –0.04 –2.1 CF Industries CF 4.950 3.57 June 1, ’43 121.000 –1.56 122.250 iShS&PTotlUSStkMkt ITOT 91.45 1.20 6.1 iSh7-10YTreasuryBd IEF 116.28 –0.14 –3.1 VangdIntrCorpBd VCIT 95.31 0.06 –1.9 iShCoreUSAggBd AGG 115.47 –0.03 –2.3 iSh20+YTreasuryBd TLT 140.84 –0.66 –10.7 VangdLC VV 184.11 0.95 4.8 Embarq … 7.995 5.97 June 1, ’36 120.125 –1.38 122.884 iShSelectDividend DVY 109.07 1.73 13.4 iShRussellMCGrowth IWP 106.84 0.68 4.1 VangdMC VO 223.09 0.95 7.9 Ford Motor F 4.750 4.51 Jan. 15, ’43 103.250 –1.27 106.199 iShESGAwareUSA ESGU 90.34 0.97 5.0 iShUSTreasuryBdETF GOVT 26.57 –0.17 –2.5 VangdMBS VMBS 53.76 –0.04 –0.6 iShEdgeMSCIMinUSA USMV 67.25 0.51 –0.9 JPM UltShtIncm JPST 50.80 –0.01 0.0 VangdRealEst VNQ 90.91 0.76 7.0 ADT Security ADT 4.875 4.03 July 15, ’32 107.688 –1.06 109.750 iShEdgeMSCIUSAMom MTUM 168.07 0.69 4.2 PIMCOEnhShMaturity MINT 102.09 –0.01 0.0 VangdS&P500ETF VOO 360.16 1.11 4.8 iShEdgeMSCIUSAQual QUAL 119.97 1.14 3.2 SPDR BlmBarcHYBd JNK 109.32 0.02 0.3 VangdST Bond BSV 82.63 –0.02 –0.3 ServiceMaster SERV 7.450 4.03 Aug. 15, ’27 119.300 –0.85 n.a. iShGoldTr IAU 17.18 –0.12 –5.2 SPDRBloomBar1-3MTB BIL 91.50 –0.01 –0.0 VangdSTCpBd VCSH 83.00 –0.02 –0.3 Teva Pharmaceutical Finance Netherlands … 4.100 5.01 Oct. 1, ’46 87.000 –0.78 89.800 iShiBoxx$InvGrCpBd LQD 132.64 0.15 –4.0 SPDR Gold GLD 169.00 –0.07 –5.2 VangdSC VB 218.14 1.98 12.1 iShiBoxx$HYCpBd HYG 87.53 0.10 0.3 SchwabIntEquity SCHF 37.81 0.29 5.0 VangdTotalBd BND 85.95 –0.06 –2.5 Netflix NFLX 5.750 1.42 March 1, ’24 112.740 –0.61 113.274 iShJPMUSDEmgBd EMB 111.53 0.15 –3.8 SchwabUS BrdMkt SCHB 96.41 1.11 6.0 VangdTotIntlBd BNDX 57.24 –0.12 –2.2 iShMBSETF MBB 109.54 0.03 –0.5 SchwabUS Div SCHD 69.70 1.72 8.7 VangdTotIntlStk VXUS 63.72 0.03 5.9 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. iShMSCI ACWI ACWI 95.45 0.57 5.2 SchwabUS LC SCHX 95.62 1.06 5.1 VangdTotalStk VTI 206.27 1.12 6.0 Note: Data are for the most active issue of bonds with maturities of two years or more iShMSCI EAFE EFA 76.37 0.32 4.7 SchwabUS LC Grw SCHG 131.74 0.69 2.6 VangdTotlWrld VT 97.86 0.64 5.7 iShMSCI EAFE SC SCZ 72.28 0.77 5.7 SchwabUS SC SCHA 102.09 2.06 14.7 VangdValue VTV 127.81 1.34 7.4 Source: MarketAxess P2JW056000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Thursday, February 25, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. HenrySchein HSIC 65.01 -0.61 Lennar A LEN 86.25 0.65 Natura&Co NTCO 18.19 0.09 PulteGroup PHM 46.92 1.00 Spotify SPOT 334.69 -1.62 s US Bancorp USB 52.81 1.20 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Hershey HSY 147.57 -0.41 Lennar B LEN.B 69.22 0.34 s NatWest NWG 5.25 0.04 Qiagen QGEN 51.42 -2.02 SquareSQ237.32 -19.27 UnitedHealth UNH 332.21 2.70 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four s Hess HES 68.80 0.54 LennoxIntl LII 290.52 2.17 NetApp NTAP 71.57 2.24 Qorvo QRVO 179.15 6.93 StanleyBlackDck SWK 174.98 2.06 UnitySoftware U 110.53 -0.08 that include primary market trades as well as quarters. s HewlettPackard HPE 14.84 0.37 LeviStrauss LEVI 23.29 0.22 NetEase NTES 117.50 -2.75 Qualcomm QCOM 141.10 3.98 Starbucks SBUX 104.38 3.01 UnivDisplay OLED 216.69 7.06 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. HighwoodsProp HIW 42.18 0.11 LiAuto LI 28.68 1.69 Netflix NFLX 553.41 7.26 QualtricsIntl XM 42.51 -0.73 StateStreet STT 76.82 2.76 UniversalHealthB UHS 137.94 4.15 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing s Hilton HLT 127.26 5.31 LibertyBroadbandA LBRDA 143.35 -0.03 Neurocrine NBIX 110.61 2.02 s QuantaServices PWR 81.13 2.92 s SteelDynamics STLD 43.86 1.03 VEREIT VER 40.29 1.96 Nasdaq ISE. standards Hologic HOLX 75.15 -0.35 LibertyBroadbandC LBRDK 147.84 0.80 NewFortressEner NFE 48.96 0.34 QuantumScape QS 59.61 4.15 Stellantis STLA 16.68 0.49 VF VFC 81.96 2.24 The list comprises the 1,000 largest companies lf-Late filing HomeDepot HD 259.97 -7.27 LibertyGlobal B LBTYB 27.43 1.74 NewOrientalEduc EDU 183.17 0.61 QuestDiag DGX 115.74 -1.75 Steris STE 173.11 -0.16 s VICI Prop VICI 28.48 0.18 based on market capitalization. q-Temporary exemption from Nasdaq HondaMotor HMC 28.80 0.76 LibertyGlobal C LBTYK 24.83 -0.32 NYTimes A NYT 52.28 -0.29 STMicroelec STM 40.74 0.66 s VailResorts MTN 319.72 16.21 Underlined quotations are those stocks with requirements. Honeywell HON 211.03 5.99 LibertyGlobal A LBTYA 24.90 -0.38 NewellBrands NWL 24.39 0.33 R S StoneCo STNE 87.99 -0.20 Vale VALE 18.05 0.15 large changes in volume compared with the t-NYSE bankruptcy s HorizonTherap HZNP 95.48 11.20 LibertyFormOne C FWONK 45.50 -0.82 Newmont NEM 57.08 0.24 s Stryker SYK 248.82 2.26 s ValeroEnergy VLO 78.16 2.35 RELX RELX 24.37 -0.15 issue’s average trading volume. v-Trading halted on primary market. HormelFoods HRL 46.88 -0.46 LibertyFormOne A FWONA 40.39 -0.64 NewsCorp A NWSA 23.81 0.38 SumitomoMits SMFG 7.21 0.02 VarianMed VAR 175.80 0.07 RH RH 509.25 6.38 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being DR Horton DHI 80.05 2.15 s LibertyBraves A BATRA 30.30 0.50 NewsCorp B NWS 23.24 0.16 SunComms SUI 154.71 0.37 Vedanta VEDL 11.54 -0.07 RLX Tech RLX 19.46 -0.66 HostHotels HST 17.12 0.53 s LibertyBraves C BATRK 29.80 0.41 NextEraEnergy NEE 73.76 -0.95 s SunLifeFinancial SLF 50.68 0.94 VeevaSystems VEEV 291.14 0.14 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, RPM RPM 81.18 -0.38 s HowmetAerospace HWM 30.14 1.06 LibertySirius A LSXMA 45.82 0.92 s NielsenHoldings NLSN 24.32 0.84 SuncorEnergy SU 21.53 0.60 Ventas VTR 55.92 1.30 previous closing price was $2 or higher. or securities assumed by such companies. s RalphLauren RL 119.88 2.75 HuanengPower HNP 13.72 -0.03 LibertySirius B LSXMB 47.42 1.42 Nike NKE 135.65 -0.48 SunRun RUN 62.56 2.23 VeriSign VRSN 195.51 3.45 s RaymondJames RJF 122.65 3.72 Huazhu HTHT 58.86 1.62 LibertySirius C LSXMK 45.43 1.31 NiSource NI 22.18 -0.43 Suzano SUZ 13.96 -0.17 RaytheonTech RTX 77.67 3.68 VeriskAnalytics VRSK 167.53 -17.83 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s Hubbell HUBB 177.99 -2.26 LightspeedPos LSPD 73.47 -1.64 Nokia NOK 4.04 0.09 SynchronyFin SYF 40.22 1.74 RealPage RP 87.18 0.27 Verizon VZ 57.12 0.09 changes in the closing prices from 4 p.m. the previous day. HubSpot HUBS 518.73 15.12 EliLilly LLY 204.52 2.04 NomuraHoldings NMR 6.07 -0.01 Synopsys SNPS 260.68 7.47 RealtyIncome O 62.37 -0.01 VertxPharm VRTX 217.04 0.60 Humana HUM 381.40 3.11 s LincolnNational LNC Nordson NDSN 196.74 8.92 s Sysco SYY 80.98 1.85 59.40 2.48 Redfin RDFN 91.63 0.93 ViacomCBS A VIACA 65.53 1.12 JBHunt JBHT s NorfolkSouthern NSC 261.78 3.89 Wednesday, February 24, 2021 Net Net 146.66 2.15 Linde LIN 254.61 -4.03 RegencyCtrs REG 56.30 1.08 ViacomCBS B VIAC 65.60 1.23 s s NorthernTrust NTRS 100.27 2.72 T U V Stock Sym Close Chg Stock Sym Close Chg HuntingtonBcshs HBAN 16.22 0.50 LithiaMotors LAD 387.15 16.66 RegenPharm REGN 458.60 -9.43 Viatris VTRS 15.30 0.08 Net s s NorthropGrum NOC 301.73 3.05 HyattHotels H 91.15 4.73 LiveNationEnt LYV 90.49 0.16 s RegionsFin RF 22.21 0.95 TAL Education TAL 81.34 -2.32 Vipshop VIPS 36.16 -0.26 Stock Sym Close Chg NortonLifeLock NLOK 20.55 0.72 BlackRock BLK 712.10 8.94 DigitalRealty DLR 135.15 -2.15 IAA IAA 60.30 -0.72 LloydsBanking LYG 2.21 0.02 ReinsGrp RGA 127.39 2.59 TC Energy TRP 44.91 0.43 VirBiotech VIR 65.39 1.54 NorwegCruise NCLH Blackstone BX 69.86 0.56 DiscoverFinSvcs DFS 97.96 2.66 IAC/InterActive IAC 247.36 3.10 LockheedMartin LMT 346.53 0.30 31.27 2.65 s RelianceSteel RS 138.19 2.65 TE Connectivity TEL 130.72 1.68 VirginGalactic SPCE 46.12 1.96 A B C Novartis NVS 87.43 0.93 Boeing BA 229.34 17.22 DiscoveryB DISCB 53.77 -1.35 ICICI Bank IBN 17.68 0.42 Loews L 50.38 -0.07 RenaissanceRe RNR 164.95 2.65 Telus TU 20.33 -0.15 s Visa V 219.43 7.32 s DiscoveryA DISCA 51.86 -1.09 IdexxLab IDXX 532.88 7.66 LogitechIntl LOGI 110.17 -0.41 Novavax NVAX 239.94 -3.29 s Vistra VST 23.83 0.45 ABB ABB 29.72 0.43 BookingHldgs BKNG 2443.50 84.13 Repligen RGEN 215.58 9.07 TJX TJX 69.86 -0.37 DiscoveryC DISCK 43.53 -0.61 IHS Markit INFO 91.16 1.70 Lowe's LOW 162.31 -6.28 NovoNordisk NVO 72.19 0.51 VMware VMW 146.76 2.58 s AECOM ACM 59.88 2.10 BoozAllen BAH 78.00 1.04 RepublicSvcs RSG 89.59 0.63 T-MobileUS TMUS 119.38 0.16 s Disney DIS 197.51 0.42 II-VI IIVI 89.31 4.66 LufaxHolding LU 15.80 -0.16 Novocure NVCR 173.13 0.18 Vodafone VOD 17.94 -0.58 AES AES 28.00 0.78 BorgWarner BWA 46.00 1.12 ResMed RMD 200.97 0.88 TRowePrice TROW 166.23 4.63 DocuSign DOCU 239.66 -3.94 s ING Groep ING 11.24 0.26 lululemon LULU 317.70 -5.15 NuanceComms NUAN 44.81 -0.12 VornadoRealty VNO 44.60 1.75 s Aflac AFL 49.85 0.59 BostonBeer SAM 1081.36 38.54 RestaurantBrands QSR 62.02 2.16 TaiwanSemi TSM 132.30 3.20 DolbyLab DLB 96.88 -0.61 s Invesco IVZ 23.26 0.68 LumenTech LUMN 12.45 0.26 s Nucor NUE 63.03 2.17 s VulcanMatls VMC 174.15 8.16 s AGCO AGCO 129.83 3.72 BostonProps BXP 104.69 3.55 RingCentral RNG 388.20 -2.51 TakeTwoSoftware TTWO 186.99 1.04 DollarGeneral DG 192.61 -2.57 IPG Photonics IPGP 231.08 2.30 Lyft LYFT 59.13 1.41 Nutrien NTR 56.51 0.51 AGNC Invt AGNC 16.58 0.25 BostonSci BSX 39.53 0.78 s RioTinto RIO 91.71 1.20 TakedaPharm TAK 17.22 0.07 DollarTree DLTR 101.13 -1.85 IQVIA IQV 194.59 3.54 s LyondellBasell LYB 107.33 4.33 NVIDIA NVDA 579.96 14.28 W X Y Z Ansys ANSS 385.37 9.81 BridgeBioPharma BBIO 67.41 1.47 RobertHalf RHI 82.15 -0.26 s Tapestry TPR 41.69 1.05 BrightHorizons BFAM 170.76 1.70 DominionEner D 71.17 -0.87 s IcahnEnterprises IEP 68.96 1.86 ASETech ASX 7.90 0.08 RocketCos. RKT 20.32 0.32 Target TGT 187.08 0.72 WEC Energy WEC 81.93 -2.09 BristolMyers BMY 62.59 1.87 Domino's DPZ 364.59 -2.15 Icon ICLR 192.41 -16.21 M N O P Q Rockwell ROK 247.04 1.63 TataMotors TTM 22.13 0.20 ASML ASML 595.01 18.94 s WEX WEX 230.00 0.08 BritishAmTob BTI 37.15 -0.01 DoorDash DASH 176.32 2.82 IDEX IEX 197.93 1.12 RogersComm B RCI 44.02 0.18 s TeckRscsB TECK 23.76 0.72 AT&T T 29.38 0.20 s M&T Bank MTB 162.13 2.75 ONEOK OKE 46.71 1.09 W.P.Carey WPC 71.74 1.29 Broadcom AVGO 480.88 8.98 Dover DOV 125.50 3.52 IllinoisToolWks ITW 203.45 1.92 Roku ROKU 413.79 -2.08 TeladocHealth TDOC 254.53 -1.47 AbbottLabs ABT 122.38 1.58 s MGMGrowthProp MGP 32.94 -0.28 OReillyAuto ORLY 455.87 1.90 s WPP WPP 61.83 0.70 BroadridgeFinl BR 145.08 1.42 s Dow DOW 63.69 1.57 Illumina ILMN 461.05 -3.49 Rollins ROL 35.46 0.07 TeledyneTech TDY 390.82 9.91 AbbVie ABBV 108.69 2.42 MGM Resorts MGM 38.63 -0.96 OakStreetHealth OSH 57.00 -0.17 Wabtec WAB 74.74 0.20 s BrookfieldMgt BAM 44.21 1.01 DrReddy'sLab RDY 61.00 -0.12 s ImperialOil IMO 23.20 0.54 RoperTech ROP 378.82 -9.02 Teleflex TFX 400.39 5.24 AbCelleraBio ABCL 40.10 1.27 MinisoGroup MNSO 28.09 -1.62 OccidentalPetrol OXY 28.16 2.10 WalgreensBoots WBA 49.17 0.76 BrookfieldInfr BIP 52.84 -0.11 DraftKings DKNG 60.28 0.01 Incyte INCY 80.61 1.59 s RossStores ROST 123.61 3.35 Ericsson ERIC 12.56 -0.05 Abiomed ABMD 323.78 2.09 MKS Instrum MKSI 176.93 8.73 Okta OKTA 269.90 -0.68 Walmart WMT 133.21 -2.26 BrookfieldPropREIT BPYU 18.61 0.29 Dropbox DBX 22.92 -0.26 Infosys INFY 17.68 0.30 s RoyalBkCanada RY 89.35 0.46 TelefonicaBras VIV 8.20 -0.20 AcceleronPharma XLRN 136.78 -0.65 MPLX MPLX 24.67 0.01 s OldDomFreight ODFL 217.31 5.69 WarnerMusic WMG 36.22 0.68 BrookfieldRenew BEPC 46.73 -0.53 DukeEnergy DUK 87.34 -1.70 s IngersollRand IR 48.10 2.52 s RoyalCaribbean RCL 96.66 6.61 Telefonica TEF 4.60 0.13 Accenture ACN 259.27 3.08 MSCI MSCI 417.23 2.08 OmegaHealthcare OHI 38.80 1.17 WasteConnections WCN 98.63 1.09 Brown&Brown BRO 47.79 0.86 DukeRealty DRE 40.35 -0.69 Inphi IPHI 166.27 2.04 RoyalDutchA RDS.A 42.38 1.31 TelekmIndonesia TLK 24.73 0.30 ActivisionBliz ATVI 95.69 -0.73 MagellanMid MMP 43.86 0.77 Omnicom OMC 70.88 0.18 WasteMgt WM 111.87 1.95 Brown-Forman A BF.A 69.53 -0.03 Dun&Bradstreet DNB 22.70 -0.94 Insulet PODD 262.36 1.62 RoyalDutchB RDS.B 40.66 1.63 10xGenomics TXG 179.43 3.34 Adobe ADBE 476.62 8.82 s MagnaIntl MGA 86.82 0.99 ON Semi ON 40.66 0.38 Waters WAT 279.90 1.02 Brown-Forman B BF.B 75.04 0.01 DuPont DD 71.68 2.99 Intel INTC 63.19 2.07 RoyaltyPharma RPRX 47.20 0.28 Tenaris TS 18.76 0.59 AdvanceAuto AAP 166.15 -0.04 s ManulifeFin MFC 20.46 1.04 OpenText OTEX 45.66 0.56 Watsco WSO 247.61 1.36 Bruker BRKR 64.26 1.21 Dynatrace DT 51.86 1.23 InteractiveBrkrs IBKR 75.16 2.68 Ryanair RYAAY 111.20 0.88 TencentMusic TME 26.32 0.65 AdvMicroDevices AMD 86.94 2.20 s MarathonOil MRO 11.84 0.68 OpendoorTech OPEN 30.82 2.78 Wayfair W 258.13 -4.77 BuildersFirstSrc BLDR 42.40 0.67 ENI E 23.49 0.33 ICE ICE 111.46 0.04 SAP SAP 126.56 1.70 Teradyne TER 134.19 4.41 s Aegon AEG 4.93 0.08 s MarathonPetrol MPC 56.65 0.88 Oracle ORCL 64.70 0.20 Weibo WB 58.53 -0.58 Bunge BG 76.76 -0.65 s EOG Rscs EOG 72.37 4.52 InterContinentl IHG 73.56 -0.49 S&P Global SPGI 331.79 6.61 Tesla TSLA 742.02 43.18 AffirmHldgs AFRM 102.49 0.48 MaravaiLifeSci MRVI 33.52 0.71 Orange ORAN 11.93 -0.04 WellsFargo WFC 38.29 1.15 s BurlingtonStrs BURL 269.63 4.72 EPAM Systems EPAM 369.26 -2.37 IBM IBM 123.21 2.50 SBA Comm SBAC 250.51 1.72 TevaPharm TEVA 11.32 0.71 AgilentTechs A 125.02 2.60 Markel MKL 1115.63 6.59 Orix IX 86.63 1.96 Welltower WELL 73.60 3.00 CBRE Group CBRE 77.18 -0.70 s EastWestBncp EWBC 74.08 2.73 IntlFlavors IFF 138.15 -0.77 SEI Investments SEIC 57.98 0.33 TexasInstruments TXN 179.39 6.54 AgnicoEagle AEM 61.64 0.88 MarketAxess MKTX 545.46 -3.68 OtisWorldwide OTIS 64.35 1.12 WestFraserTimber WFG 67.94 1.20 s CDW CDW 162.10 5.32 s EastmanChem EMN 113.37 1.01 IntlPaper IP 50.80 0.63 SK Telecom SKM 24.53 -0.27 TexasPacLand TPL 1143.52 29.44 AirProducts APD 263.26 -0.07 s Marriott MAR 157.50 7.95 OwensCorning OC 83.21 0.52 WestPharmSvcs WST 278.92 4.63 s CF Industries CF 48.61 1.86 s Eaton ETN 132.68 1.82 s Interpublic IPG 27.00 0.42 SS&C Tech SSNC 68.98 1.52 s Textron TXT 53.48 1.28 Airbnb ABNB 200.20 12.61 Marsh&McLen MMC 119.02 0.69 OzonHoldings OZON 61.77 -0.53 s WestAllianceBcp WAL 97.61 4.05 CGI GIB 76.74 1.17 s EatonVance EV 74.76 1.25 Intuit INTU 413.18 14.09 StoreCapital STOR 35.08 0.93 ThermoFisherSci TMO 456.66 -2.15 AkamaiTech AKAM 97.54 -0.10 s MartinMarietta MLM 347.57 11.76 PG&E PCG 11.41 0.18 s WesternDigital WDC 70.53 3.38 CH Robinson CHRW 90.03 0.25 eBay EBAY 59.38 -1.99 IntuitiveSurgical ISRG 758.71 14.00 SVB Fin SIVB 540.13 17.27 ThomsonReuters TRI 89.14 0.29 s AlaskaAir ALK 67.45 0.93 MarvellTech MRVL 49.26 0.42 s PNC Fin PNC 178.48 5.26 WesternUnion WU 23.79 0.46 CME Group CME 200.70 1.95 Ecolab ECL 216.19 5.03 InvitatHomes INVH 29.87 0.02 Salesforce.com CRM 240.47 4.83 3M MMM 177.63 1.46 Albemarle ALB 160.90 6.28 Masco MAS 53.81 0.08 POSCO PKX 62.50 0.40 WestlakeChem WLK 88.17 0.97 CMS Energy CMS 54.57 -1.12 Ecopetrol EC 12.91 0.03 iQIYI IQ 24.87 0.12 Sanofi SNY 46.61 0.20 Toro TTC 101.71 0.37 Alcon ALC 70.04 -1.94 Masimo MASI 251.20 2.98 PPD PPD 35.33 -1.00 s CNA Fin CNA 44.61 0.41 EdisonInt EIX 56.47 0.55 IronMountain IRM 34.65 2.55 Sasol SSL 14.02 0.59 s TorontoDomBk TD 63.61 1.61 WestpacBanking WBK 19.28 0.26 AlexandriaRlEst ARE 163.91 0.28 s Mastercard MA 367.32 16.90 PPG Ind PPG 136.89 1.92 WestRock WRK 44.87 -0.23 CNH Indl CNHI 15.24 0.04 EdwardsLife EW 84.45 -0.77 ItauUnibanco ITUB 4.95 -0.05 Schlumberger SLB 29.41 1.67 s Total TOT 47.66 0.52 AlexionPharm ALXN 154.49 1.56 MatchGroup MTCH 160.79 -0.54 PPL PPL 27.49 0.01 s Weyerhaeuser WY 35.90 0.87 CNOOC CEO 127.38 -4.22 ElancoAnimal ELAN 31.55 0.69 s SchwabC SCHW 64.44 1.77 ToyotaMotor TM 152.45 -0.28 Alibaba BABA 250.34 -2.41 MaximIntProducts MXIM 96.75 2.56 s PRA HealthSci PRAH 151.66 23.93 WheatonPrecMet WPM 39.84 0.20 CRH CRH 45.52 1.21 Elastic ESTC 156.70 3.68 J K L ScottsMiracleGro SMG 220.38 -1.18 TractorSupply TSCO 161.08 -4.12 AlignTech ALGN 573.26 5.45 McAfee MCFE 20.83 1.38 PTC PTC 142.33 2.20 Whirlpool WHR 193.52 0.71 CRISPR Therap CRSP 133.52 -1.78 ElectronicArts EA 137.68 -3.49 Sea SE 248.04 -3.77 TradeDesk TTD 781.04 -10.05 Alleghany Y 652.00 25.90 JD.com JD 96.37 -3.10 McCormick MKC 84.80 0.43 Paccar PCAR 94.28 0.95 s Williams WMB 23.91 0.07 CSX CSX 93.37 1.68 s EmersonElec EMR 88.97 2.17 Seagate STX 74.34 2.13 s Tradeweb TW 70.63 1.02 Allegion ALLE 109.33 0.54 Joyy YY 120.91 -2.18 McCormickVtg MKC.V 84.68 1.09 PackagingCpAm PKG 133.43 -0.11 Williams-Sonoma WSM 129.10 0.50 C3.ai AI 122.53 1.41 Enbridge ENB 35.75 0.13 Seagen SGEN 155.02 -2.01 s TraneTech TT 155.35 2.15 AlliantEnergy LNT 47.53 -0.70 s JPMorganChase JPM 153.26 2.65 McDonalds MCD 213.27 1.95 PagSeguroDig PAGS 57.94 -0.11 WillisTowers WLTW 225.64 -0.44 CVS Health CVS 70.40 0.76 EnelAmericas ENIA 7.75 0.20 SempraEnergy SRE 122.57 -0.99 s TransDigm TDG 609.15 4.85 Allstate ALL 108.36 0.35 JackHenry JKHY 151.64 2.33 McKesson MCK 181.29 0.71 PalantirTech PLTR 26.39 -0.36 Wipro WIT 6.37 0.07 CableOne CABO 2010.90 14.06 EnergyTransfer ET 8.12 0.40 SensataTechs ST 59.37 0.78 TransUnion TRU 87.78 0.60 AllyFinancial ALLY 42.69 0.40 s JacobsEngg J 119.75 3.52 MedicalProp MPW 22.48 0.20 PaloAltoNtwks PANW 369.61 -8.25 Wix.com WIX 351.17 12.06 CadenceDesign CDNS 139.42 6.82 EnphaseEnergy ENPH 180.87 9.98 ServiceCorp SCI 48.34 -1.48 Travelers TRV 150.96 1.63 AlnylamPharm ALNY 151.59 -1.62 JamesHardie JHX 30.87 -0.14 Medtronic MDT 118.74 0.74 s ParkerHannifin PH 297.07 11.06 Workday WDAY 262.78 1.05 s CaesarsEnt CZR 89.81 4.04 Entegris ENTG 109.08 5.09 ServiceNow NOW 551.83 0.08 Trex TREX 92.841.68 Alphabet A GOOGL 2083.81 23.69 s JazzPharma JAZZ 173.50 16.03 s MelcoResorts MLCO 20.75 0.31 Paychex PAYX 93.36 2.48 WynnResorts WYNN 134.21 -2.27 CamdenProperty CPT 106.76 -0.83 Entergy ETR 89.97 -1.19 ShawComm B SJR 17.74 0.12 Trimble TRMB 76.05 2.42 Alphabet C GOOG 2095.17 24.31 J&J JNJ 162.59 2.15 MercadoLibre MELI 1714.00 -61.79 PaycomSoftware PAYC 386.97 9.61 XP XP 47.73 1.08 CampbellSoup CPB 46.24 -0.09 EnterpriseProd EPD 22.10 0.31 SherwinWilliams SHW 682.03 -14.56 Trip.com TCOM 40.69 -0.22 AlticeUSA ATUS 33.80 0.28 JohnsonControls JCI 56.10 0.12 Merck MRK 74.57 0.03 Paylocity PCTY 197.75 4.42 XPO Logistics XPO 118.13 2.65 s CIBC CM 94.30 1.90 Equifax EFX 170.70 -1.17 ShinhanFin SHG 30.18 0.49 s TruistFinl TFC 60.17 1.44 s Altria MO 45.00 0.71 s JonesLang JLL 174.38 2.32 s MetLife MET 59.56 2.13 PayPal PYPL 266.07 1.07 XcelEnergy XEL 60.21 -1.72 CanNtlRlwy CNI 110.66 1.75 Equinix EQIX 639.00 -19.82 Shopify SHOP 1301.15 0.91 Twilio TWLO 408.96 -1.63 AlumofChina ACH 11.97 -0.59 KB Fin KB 39.29 0.11 MettlerToledo MTD 1127.60 17.14 Pegasystems PEGA 139.31 -1.67 Xilinx XLNX 133.81 3.46 s CanNaturalRes CNQ 29.14 0.24 Equinor EQNR 19.63 0.72 s Sibanye-Stillwater SBSW 19.99 1.25 Twitter TWTR 71.92 -1.25 Amazon.com AMZN 3159.53 -34.97 KE Holdings BEKE 68.21 -2.35 MicrochipTech MCHP 157.25 2.32 Peloton PTON 122.72 -4.17 XPeng XPEV 38.71 0.80 CanPacRlwy CP 365.64 2.14 s Equitable EQH 30.73 1.68 s SignatureBank SBNY 226.05 12.58 TylerTech TYL 473.19 11.07 Ambev ABEV 2.73 -0.03 KKR KKR 45.44 0.32 s MicronTech MU 92.52 4.29 PembinaPipeline PBA 28.14 0.58 Xylem XYL 101.09 2.24 Canon CAJ 22.32 0.29 EquityLife ELS 61.88 -0.67 SimonProperty SPG 119.00 3.88 TysonFoods TSN 68.87 0.68 Amcor AMCR 11.41 0.04 KLA KLAC 328.43 9.65 Microsoft MSFT 234.55 1.28 PennNational PENN 120.34 0.95 Yandex YNDX 66.97 -0.31 CanopyGrowth CGC 35.60 0.29 EquityResdntl EQR 69.35 0.83 SiriusXM SIRI 5.99 0.04 s UBS Group UBS 15.96 0.35 Amdocs DOX 77.62 0.14 KSCitySouthern KSU 218.81 6.19 MidAmApt MAA 140.51 -1.79 Pentair PNR 57.15 1.46 YatsenHolding YSG 18.73 -0.51 s CapitalOne COF 124.48 1.94 ErieIndemnity A ERIE 244.12 -9.04 Skyworks SWKS 190.36 6.61 UDR UDR 43.43 -0.05 Amedisys AMED 281.61 1.34 Kellogg K 58.61 -0.67 MiratiTherap MRTX 202.90 1.96 Penumbra PEN 288.94 8.33 YumBrands YUM 104.68 0.03 CardinalHealth CAH 52.55 0.57 EssentialUtil WTRG 44.09 -0.68 SlackTech WORK 42.35 -0.07 UGI UGI 40.18 0.57 s Amerco UHAL 560.61 5.46 KeurigDrPepper KDP 31.46 -0.33 MitsubishiUFJ MUFG 5.42 -0.03 PepsiCo PEP 132.09 -0.69 YumChina YUMC 60.33 0.21 Carlyle CG 35.59 -0.64 EssexProp ESS 270.13 0.96 Smartsheet SMAR 74.20 -0.10 US Foods USFD 37.00 -0.28 Ameren AEE 71.40 -0.46 s KeyCorp KEY 21.54 0.79 MizuhoFin MFG 3.08 0.01 PerkinElmer PKI 128.78 -2.24 ZTO Express ZTO 34.69 -0.67 CarMax KMX 121.84 2.58 s EsteeLauder EL 294.34 2.44 s SmithAO AOS 61.30 -0.46 UWM UWMC 7.96 -0.08 AmericaMovil A AMOV 13.15 -0.02 KeysightTechs KEYS 143.64 4.07 MobileTeleSys MBT 8.52 0.03 PetroChina PTR 36.91 -0.56 ZaiLab ZLAB 156.90 -4.78 Carnival CCL 27.01 0.55 Etsy ETSY 209.10 -1.65 Smith&Nephew SNN 40.81 0.23 Uber UBER 53.91 -2.09 AmericaMovil AMX 13.07 -0.06 KimberlyClark KMB 130.81 -1.18 Moderna MRNA 144.79 -5.38 PetroleoBrasil PBR 8.72 0.25 s ZebraTech ZBRA 512.69 14.67 Carnival CUK 23.28 1.14 s EuronetWorldwide EEFT 156.27 2.89 Smucker SJM 113.22 -1.16 Ubiquiti UI 320.48 -7.26 AmerAirlines AAL 21.82 1.16 KinderMorgan KMI 15.72 0.43 s MohawkInds MHK 182.98 5.05 PetroleoBrasilA PBR.A 8.98 0.17 s Zendesk ZEN 150.16 0.60 CarrierGlobal CARR 37.45 0.35 EverestRe RE 244.72 4.74 s Snap SNAP 69.47 -0.98 UltaBeauty ULTA 334.08 6.02 AEP AEP 77.10 -0.99 KingsoftCloud KC 60.58 -0.73 MolinaHealthcare MOH 226.02 0.88 Pfizer PFE 33.75 -0.16 s UltragenyxPharm RARE 142.73 2.51 Zillow C Z 164.28 -4.59 Carvana CVNA 284.94 4.67 Evergy EVRG 54.55 0.20 SnapOn SNA 206.82 9.45 s AmerExpress AXP 139.89 2.95 KinrossGold KGC 6.81 0.09 MolsonCoorsB TAP 47.01 0.03 PhilipMorris PM 87.56 1.12 UnderArmour A UAA 21.89 0.08 Zillow A ZG 172.22 -2.86 Catalent CTLT 115.15 2.35 EversourceEner ES 80.11 -0.08 Snowflake SNOW 273.52 4.44 s AmericanFin AFG 112.53 1.10 KirklandLakeGold KL 35.71 0.11 Mondelez MDLZ 54.33 -0.47 Phillips66 PSX 87.25 1.72 UnderArmour C UA 18.30 ... ZimmerBiomet ZBH 163.69 1.82 s Caterpillar CAT 222.47 2.29 ExactSciences EXAS 134.82 -3.89 SOQUIMICH SQM 57.96 1.22 AmHomes4Rent AMH 31.70 0.05 Kohl's KSS 55.69 -0.06 MongoDB MDB 398.14 17.45 Pinduoduo PDD 179.32 -8.59 Unilever UL 54.26 -1.16 s ZionsBancorp ZION 56.78 2.61 s Celanese CE 141.21 4.25 Exelon EXC 40.19 -0.61 SolarEdgeTech SEDG 308.15 12.57 AIG AIG 45.43 1.06 KoninklijkePhil PHG 56.36 -0.30 MonolithicPower MPWR 387.86 16.20 PinnacleWest PNW 73.06 -2.44 Sony SNE 109.60 -2.83 UnionPacific UNP 211.15 4.19 Zoetis ZTS 159.05 -0.47 s Cemex CX 6.90 0.41 eXpWorld EXPI 65.79 2.34 AmerTowerREIT AMT 224.78 1.61 KoreaElcPwr KEP 10.52 -0.20 MonsterBev MNST 88.24 -0.08 Pinterest PINS 84.17 -0.39 Southern SO 58.38 -0.54 UnitedAirlines UAL 54.96 4.35 ZoomVideo ZM 385.23 -2.93 CenovusEnergy CVE 7.61 0.29 Expedia EXPE 162.78 3.09 AmerWaterWorks AWK 149.94 -3.21 KraftHeinz KHC 37.60 0.48 Moody's MCO 278.55 3.13 s PioneerNatRscs PXD 150.06 4.82 SoCopper SCCO 78.48 -0.79 UnitedMicro UMC 10.05 0.24 ZoomInfoTech ZI 56.53 3.10 Centene CNC 59.35 0.05 ExpeditorsIntl EXPD 92.06 0.40 AmericoldRealty COLD 37.25 -0.20 Kroger KR 32.75 -0.28 s MorganStanley MS 79.88 2.38 PlainsAllAmPipe PAA 8.96 0.44 s SouthwestAir LUV 59.29 2.57 UPS B UPS 160.07 -0.74 Zscaler ZS 207.81 1.30 CenterPointEner CNP 20.81 0.03 ExtraSpaceSt EXR 127.10 0.60 s Ameriprise AMP 232.10 5.60 s L Brands LB 51.65 0.57 Morningstar MORN 224.82 -4.21 Playtika PLTK 32.01 0.51 Splunk SPLK 152.53 -1.27 s UnitedRentals URI 312.52 6.16 Zynga ZNGA 11.29 -0.11 s ExxonMobil XOM 56.70 1.65 AmerisourceBrgn ABC 105.20 -1.27 CentraisElBras EBR 6.02 0.18 s LKQ LKQ 39.98 1.44 s Mosaic MOS 32.12 2.59 PlugPower PLUG 50.16 3.58 F5Networks FFIV 189.50 2.73 Ametek AME 123.01 3.07 CeridianHCM CDAY 90.17 -2.11 s LPL Financial LPLA 135.39 -0.02 MotorolaSol MSI 181.08 2.53 Pool POOL 328.39 10.14 FMC FMC 104.97 0.15 Amgen AMGN 229.99 -2.47 Cerner CERN 70.29 0.22 L3HarrisTech LHX 191.38 3.55 NICE NICE 232.66 -0.54 s PrincipalFin PFG 60.45 1.77 Facebook FB 264.31 -1.55 Amphenol APH 129.55 2.16 CharlesRiverLabs CRL 288.22 5.24 LabCpAm LH 244.50 -2.65 NIO NIO 51.86 2.75 Procter&Gamble PG 127.66 0.14 FactSet FDS 300.94 -1.85 Borrowing Benchmarks AnalogDevices ADI 161.76 4.06 CharterComms CHTR 608.51 5.74 LamResearch LRCX 596.90 34.25 NRG Energy NRG 38.42 0.14 Progressive PGR 87.74 -2.01 FairIsaac FICO 465.06 6.49 Anaplan PLAN 79.45 1.91 CheckPoint CHKP 113.05 -0.98 LamarAdv LAMR 90.22 2.12 NVR NVR 4699.97 0.39 Prologis PLD 103.24 -1.31 Farfetch FTCH 66.57 0.06 wsj.com/market-data/bonds/benchmarks AngloGoldAsh AU 21.25 0.29 Chegg CHGG 98.15 -1.22 LambWeston LW 83.59 0.52 NXP Semi NXPI 186.21 5.13 s PrudentialFin PRU 89.91 4.54 s Fastenal FAST 46.90 0.10 AB InBev BUD 65.25 0.23 CheniereEnergy LNG 70.05 0.56 s LasVegasSands LVS 64.81 0.43 Nasdaq NDAQ 141.99 1.65 s Prudential PUK 40.66 0.65 Fastly FSLY 75.76 -2.15 AnnalyCap NLY 8.53 0.19 CheniereEnerPtrs CQP 40.37 -0.45 s Lear LEA 168.23 -1.56 Natera NTRA 112.83 1.74 PublicServiceEnt PEG 56.05 -1.72 s FateTherap FATE 95.27 -0.21 Money Rates February 24, 2021 Anthem ANTM 305.79 1.21 Chevron CVX 103.31 3.68 Leidos LDOS 90.38 -3.13 NationalGrid NGG 58.56 -0.51 PublicStorage PSA 242.61 0.27 FedEx FDX 260.06 5.43 s Aon AON 233.70 2.42 Chewy CHWY 105.23 -4.55 Ferrari RACE 196.41 -0.40 ApolloGlbMgmt APO 51.01 0.54 ChinaEastrnAir CEA 24.01 -0.20 FidNatlFin FNF 41.31 0.52 Key annual interest rates paid to borrow or lend money in U.S. and Appian APPN 183.62 2.63 ChinaLifeIns LFC 10.97 ... FidNatlInfo FIS 139.44 2.72 Apple AAPL 125.35 -0.51 ChinaPetrol SNP 57.49 -0.74 international markets. Rates below are a guide to general levels but ChinaSoAirlines ZNH 36.84 -1.09 s FifthThirdBncp FITB 36.25 1.17 Dividend Changes ApplMaterials AMAT 122.81 6.89 FirstCitizBcshA FCNCA 779.05 -4.66 don’t always represent actual transactions. Aptargroup ATR 128.76 0.48 Chipotle CMG 1449.06 32.82 s s FirstHorizon FHN 17.03 0.32 Aptiv APTV 155.22 3.56 Chubb CB 170.66 1.91 s FirstRepBank FRC 178.23 5.52 Dividend announcements from February 24. Aramark ARMK 39.60 1.11 ChunghwaTel CHT 39.75 0.29 Week —52-WEEK— FirstSolar FSLR 88.03 1.06 Inflation ArcelorMittal MT 24.45 0.92 Church&Dwight CHD 79.55 -1.48 Latest ago High Low s FirstEnergy FE 34.25 0.72 Amount Payable / ArchCapital ACGL 35.57 0.41 ChurchillDowns CHDN 236.67 8.66 Fiserv FISV 119.07 3.47 Jan. Index Chg From (%) s Ciena CIEN 52.89 -1.33 Company Symbol Yld %New/Old Frq Record ArcherDaniels ADM 58.48 1.46 FiveBelow FIVE 194.60 4.39 level Dec. '20 Jan. '20 Other short-term rates s Ardagh ARD 23.26 -0.74 Cigna CI 214.94 2.27 CincinnatiFin CINF 100.89 2.48 Five9 FIVN 181.77 3.68 Increased AresMgmt ARES 52.19 1.48 Cintas CTAS 338.31 1.60 FiverrIntl FVRR 279.48 3.31 arGEN-X ARGX 336.89 -8.68 BWX Technologies BWXT 1.4 .21 /.19 Q Mar26 /Mar10 U.S. consumer price index Week 52-Week CiscoSystems CSCO 45.74 0.23 FleetCorTech FLT 290.19 10.34 AristaNetworks ANET 286.36 -0.72 Latest ago high low Citigroup C 68.60 1.86 Flex FLEX 18.690.49 Diamondback Energy FANG 2.2 .40 /.375 Q Mar11 /Mar04 All items 261.582 0.43 1.4 ArrowheadPharm ARWR 85.03 3.28 s CitizensFin CFG 46.38 1.93 Floor&Decor FND 97.33 -0.84 Douglas Dynamics PLOW 2.3 .285 /.28 Q Mar31 /Mar19 AscendisPharma ASND 153.84 0.95 Core 269.755 0.20 1.4 CitrixSystems CTXS 137.00 0.19 FomentoEconMex FMX 70.31 0.63 Call money AspenTech AZPN 154.34 0.84 Greif B GEF.B 5.3 .66 /.65 Q Apr01 /Mar19 Clarivate CLVT 28.09 -1.01 s FordMotorF 12.27 0.65 AstraZeneca AZN 50.10 0.79 Kimco Realty KIM 3.6 .17 /.16 Q Mar24 /Mar10 International rates 2.00 2.00 3.50 2.00 Cleveland-Cliffs CLF 16.90 0.07 Fortinet FTNT 169.85 1.08 s Athene ATH 47.78 2.19 Clorox CLX 183.29 -4.07 Fortis FTS 39.43 -0.13 Newtek Business Services NEWT 9.1 .50 /.47 Q Mar31 /Mar22 Atlassian TEAM 239.93 -1.53 Cloudflare NET 76.43 -0.85 Fortive FTV 67.64 0.20 SBAC Q Week 52-Week Commercial paper (AA financial) AtmosEnergy ATO 88.67 -0.96 SBA Communications 0.9 .58 /.465 Mar26 /Mar10 Coca-Cola KO 50.71 0.17 FortBrandsHome FBHS 87.25 -0.29 Latest High Low Autodesk ADSK 298.91 8.66 Turning Point Brands TPB 0.4 .055 /.05 Q Apr09 /Mar19 ago 90 days n.a. 0.10 2.53 0.04 Coca-Cola Euro CCEP 53.71 1.28 FoxA FOXA 34.04 -0.08 Autohome ATHM 121.54 -2.75 VNOM Q Cognex CGNX 83.72 0.56 FoxB FOX 32.74 -0.13 Viper Energy Partners Un 3.3 .14 /.10 Mar11 /Mar04 ADP ADP 176.62 4.56 Prime rates Libor CognizantTech CTSH 74.93 2.05 Franco-Nevada FNV 113.77 1.57 Waste Management WM 2.1 .575 /.545 Q Mar26 /Mar12 AutoZone AZO 1189.86 4.67 ColgatePalm CL 76.64 -0.85 FranklinRscs BEN 27.93 0.86 U.S. 3.25 4.75 3.25 Avalara AVLR 162.97 -0.65 Weingarten Realty Inv WRI 4.5 .30 /.18 Q Mar16 /Mar09 3.25 One month 0.11450 0.11100 1.60338 0.10575 Comcast A CMCSA 53.40 0.06 FreeportMcM FCX 37.89 0.04 Avalonbay AVB 185.00 4.26 Canada 2.45 2.45 3.95 2.45 Three month 0.18975 0.18138 1.61325 0.17525 s Comerica CMA 72.07 2.48 FreseniusMed FMS 35.36 0.21 Avangrid AGR 45.64 0.41 Reduced s CommerceBcshrs CBSH 77.72 2.48 Futu FUTU 166.16 -1.03 Japan 1.475 1.475 1.475 1.475 Six month 0.19938 0.19775 1.59025 0.19500 Avantor AVTR 27.94 -0.06 STRATS Tr Allstate 2006-3 GJT 1.2 .018 /.01867 M Mar01 /Feb26 s AveryDennison AVY 180.52 4.78 CiaSiderurgica SID 6.82 0.32 One year 0.27800 0.29613 1.61013 0.27800 ConagraBrands CAG 35.24 0.27 G H I Policy Rates AxonEnterprise AXON 161.45 -7.69 s ConocoPhillips COP 54.67 2.57 Initial BCE BCE 43.79 0.14 GDS Holdings GDS 106.70 -1.96 Euro zone 0.00 0.00 0.00 0.00 Euro Libor ConEd ED 66.65 -1.02 Installed Bldg Products IBP 1.1 .30 Mar31 /Mar15 s BHP Group BHP 79.74 1.09 ConstBrands A STZ 223.93 1.55 GFLEnvironmental GFL 31.03 1.95 Switzerland 0.00 0.00 0.50 0.00 s BHP Group BBL 66.24 1.28 One month -0.577 -0.578 -0.360 -0.621 ContextLogic WISH 20.42 -0.75 GSXTechedu GSX 95.04 -2.47 Foreign Britain 0.10 0.10 0.75 0.10 BP BP 25.30 1.07 Three month -0.554 -0.548 -0.142 -0.574 s ContinentalRscs CLR 25.70 1.21 Gallagher AJG 123.79 0.66 Baidu BIDU 304.01 -18.60 Bank of Montreal BMO 3.8 .8402 Q May26 /May03 Australia 0.10 0.10 0.75 0.10 s Cooper COO 392.57 1.13 Gaming&Leisure GLPI 44.15 0.39 Six month -0.520 -0.537 -0.052 -0.543 s BakerHughes BKR 25.15 1.24 BNS Q Copart CPRT 110.56 -0.65 Gap GPS 25.95 1.30 Bank Of Nova Scotia 4.6 .7133 Apr28 /Apr06 Ball BLL 86.26 -0.25 Overnight repurchase One year -0.493 -0.495 0.008 -0.511 Corning GLW 38.63 0.98 Garmin GRMN 128.45 2.42 nVent Electric NVT 2.6 .175 Q May07 /Apr23 BallardPower BLDP 30.13 0.38 s Corteva CTVA 46.41 -0.02 Gartner IT 183.16 0.24 Perrigo PRGO 2.3 .24 Q Mar30 /Mar12 U.S. s BancoBilbaoViz BBVA 5.66 0.09 0.03 0.08 1.65 -0.07 CoStar CSGP836.23 -30.75 Generac GNRC 322.68 -10.36 Secured Overnight Financing Rate BancoBradesco BBDO 3.96 0.06 Thomson Reuters TRI 1.8 .405 Q Mar17 /Mar05 Costco COST 340.70 -1.45 GeneralDynamics GD 168.06 0.71 BancodeChile BCH 22.70 0.27 s 0.01 0.06 1.64 0.01 CoupaSoftware COUP 348.26 8.68 GeneralElec GE 13.12 0.53 U.S. government rates BancSanBrasil BSBR 7.26 -0.16 Credicorp BAP 164.38 0.30 GeneralMills GIS 56.20 -0.62 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: BcoSantChile BSAC 23.77 0.60 Value 52-Week s CreditSuisse CS 14.66 0.36 GeneralMotors GM 52.90 1.79 Discount BancoSantander SAN 3.60 ... spin-off. Latest Traded High Low Cree CREE 118.26 0.34 Genmab GMAB 35.13 -1.57 BanColombia CIB 35.88 0.09 0.25 0.25 2.25 0.25 CrowdStrike CRWD 216.60 -1.79 Gentex GNTX 36.06 0.34 s BankofAmerica BAC 36.38 0.86 DTCC GCF Repo Index CrownCastle CCI 161.20 -0.44 GenuineParts GPC 106.31 1.46 s BankofMontreal BMO 86.25 2.87 CrownHoldings CCK 99.09 1.24 GileadSciences GILD 63.71 0.03 IPO Scorecard Federal funds Treasury 0.050 62.810 1.720 0.002 BankNY Mellon BK 44.26 0.43 s Cummins CMI 259.12 8.22 GSK GSK 34.68 0.30 s BkNovaScotia BNS 61.20 2.32 Effective rate 0.0700 0.0800 1.6000 0.0600 MBS 0.070 60.450 1.703 0.011 CureVac CVAC 98.17 -1.93 GlobalPayments GPN 204.27 6.37 Performance of IPOs, most-recent listed first s Barclays BCS 9.26 0.29 Globant GLOB 222.57 9.56 % Chg From % Chg From High 0.0800 0.0900 1.6500 0.0800 BarrickGold GOLD 20.10 -0.06 D E F GlobeLife GL 98.32 2.15 Low 0.0200 0.0200 1.5500 0.0100 BauschHealth BHC 31.05 -0.52 GoDaddy GDDY 81.52 -0.14 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Notes on data: Bid 0.0700 0.0800 1.5700 0.0100 BaxterIntl BAX 78.51 0.37 DISH Network DISH 31.40 0.45 s GoldmanSachs GS 330.64 11.43 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Offer 0.0800 0.0900 1.6000 0.0500 U.S. prime rate is the base rate on corporate BectonDicknsn BDX 246.71 -0.99 DTE Energy DTE 123.90 -1.72 GoodRx GDRX 47.60 -0.22 BOA Acquisition 10.16 1.6 ... Arctus NorthStar Acquisition 10.34 3.4 –0.6 loans posted by at least 70% of the 10 largest BeiGene BGNE 334.90 2.43 Graco GGG 69.84 0.61 DadaNexus DADA 38.32 0.34 BOAS.UT Feb. 24/$10.00 ANAC.UT Feb. 23/$10.00 U.S. banks, and is effective March 16, 2020. BentleySystems BSY 49.74 1.71 Danaher DHR 223.00 -0.85 Grainger GWW 385.57 5.99 Treasury bill auction Other prime rates aren’t directly comparable; Berkley WRB 71.26 2.13 s Darden DRI 138.78 4.47 Grifols GRFS 15.72 -0.37 Cartesian Growth CM Life Sciences II 10.23 2.3 ... 13.45 34.5 7.7 4 weeks 0.025 0.030 1.575 0.000 lending practices vary widely by location; s BerkHathwy A BRK.A3750003945.00 DarlingIngred DAR 66.68 0.55 GuardantHealth GH 162.24 2.09 GLBLU Feb. 24/$10.00 CMIIU Feb. 23/$10.00 s BerkHathwy B BRK.B 248.45 2.92 Datadog DDOG 99.36 0.69 Guidewire GWRE 119.51 -0.74 13 weeks 0.030 0.040 1.505 0.000 Discount rate is effective March 16, 2020. BestBuy BBY 113.46 -2.04 DaVita DVA 102.89 1.61 HCA Healthcare HCA 175.43 0.36 Colicity 10.52 5.2 ... FTAC Athena Acquisition 10.70 7.0 –0.4 26 weeks 0.045 0.060 1.440 0.045 Secured Overnight Financing Rate is as of BeyondMeat BYND 152.05 2.63 DeckersOutdoor DECK 331.48 7.13 HDFC Bank HDB 82.50 2.63 COLIU Feb. 24/$10.00 FTAAU Feb. 23/$10.00 February 23, 2021. DTCC GCF Repo Index is Bilibili BILI 127.14 -2.12 s Deere DE 345.66 8.25 s HP HPQ 27.97 0.59 Depository Trust & Clearing Corp.'s weighted Bill.com BILL 169.42 -2.53 DellTechC DELL 81.69 1.13 HSBC HSBC 30.36 0.51 Hudson Executive Investment 10.27 2.7 ... Gores Hldgs VII 10.71 7.1 1.0 Secondary market average for overnight trades in applicable Bio-Techne TECH 374.69 -2.17 DeltaAir DAL 49.60 1.26 s Halliburton HAL 22.27 1.33 HIIIU Feb. 24/$10.00 GSEVU Feb. 23/$10.00 CUSIPs. Value traded is in billions of U.S. dollars. Bio-RadLab B BIO.B 600.70 -64.25 DentsplySirona XRAY 54.00 0.64 HartfordFinl HIG 53.15 1.28 Fannie Mae Federal-funds rates are Tullett Prebon rates as Bio-RadLab A BIO 594.74 0.26 s DeutscheBank DB 12.44 0.41 Hasbro HAS 90.91 -0.47 Soaring Eagle Acquisition 10.88 8.8 ... Slam 10.48 4.8 –0.3 of 5:30 p.m. ET. Biogen BIIB 282.74 3.66 DevonEnergy DVN 22.27 0.68 HealthcareAmer HTA 27.94 -0.50 30-year mortgage yields SRNGU Feb. 24/$10.00 SLAMU Feb. 23/$10.00 Sources: Federal Reserve; Bureau of Labor BioMarinPharm BMRN 83.32 1.17 DexCom DXCM 405.64 -1.14 HealthpeakProp PEAK 31.30 0.58 30 days 2.365 2.232 3.017 1.751 BioNTech BNTX 114.17 2.20 Diageo DEO 167.25 0.87 Heico A HEI.A120.25 -2.67 Statistics; DTCC; FactSet; BlackKnight BKI 78.36 1.12 s DiamondbkEner FANG 73.80 2.79 Heico HEI 133.04 0.67 Sources: Dow Jones Market Data; FactSet 60 days 2.402 2.265 3.081 1.804 Tullett Prebon Information, Ltd.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

Continued From Page B6 52-Wk % 52-Wk % Vistra VST 24.20 1.9 WestBancorp WTBA 23.80 4.7 WillScotMobile WSC 28.01 1.5 ZionsBancorp ZION 57.33 4.8 AthenePfdD ATHpD 24.30 -0.1 ChurchillCapVII CVII.U 10.60 -1.6 NebulaCaravelA NEBC 10.12 0.2 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg VulcanMatls VMC 175.02 4.9 WestAllianceBcp WAL 97.77 4.3 WintrustFin WTFC 75.43 3.5 Zumiez ZUMZ 48.52 2.6 BankofAmPfdPP BACpP 24.68 -0.8 DTE EnergyDeb80 DTB 24.61 -0.9 OptheaADR OPT 10.50 -2.9 WolverineWwide WWW 37.20 2.1 PrudentialNts2060 PFH 24.75 -1.0 Stock Sym Hi/Lo Chg VaalcoEnergy EGY 3.45 5.5 VectorGroup VGR 14.60 2.9 WEX WEX 234.64 ... WesternDigital WDC 71.08 5.0 BrookfieldFinNts BAMI 23.77 -1.5 FigureAcqnI FACA.U 11.00 -0.4 WorthingtonInds WOR 68.65 1.3 RiverNorthDoublPfd OPPpA 23.60 -1.5 VailResorts MTN 320.25 5.3 VeraBradley VRA 9.65 2.0 WPP WPP 62.17 1.1 WesternMidstrm WES 17.81 7.0 Lows BrookfieldFinNts BAMH 23.74 -0.6 FirstRepublicPfdK FRCpK 24.41 -0.8 Univar UNVR 22.08 2.3 WyndhamHtls WH 67.92 3.8 SelectiveInsPfdB SIGIP 23.89 -1.0 ValeroEnergy VLO 78.43 3.1 VerbTech VERB 3.10 25.8 WSFS Financial WSFS 54.87 16.0 WestpacBanking WBK 19.28 1.4 BrookfldInfrPfdA13 BIPpA 24.70 -0.4 GTT Comm GTT 2.04 -4.1 UnivestFin UVSP 26.50 3.2 Xencor XNCR 58.35 0.3 AcutusMedical AFIB 20.92 -2.3 SevenOaksAcqnWt SVOKW 1.65 -2.9 WaterstoneFinl WSBF 20.95 0.3 Weyerhaeuser WY 35.98 2.5 CNOFinDeb2060 CNOpA 24.83 -0.6 GoalAcqns PUCKU 10.41 ... UnumGroup UNM 27.88 4.4 Valhi VHI 20.00 4.9 VerbTechnologyWt VERBW 1.20 47.8 XeniaHotels XHR 20.34 3.4 AffiliatedNts60 MGRB 24.96 -1.2 SocialLvgI SLAC.U 10.64 -1.3 Upwork UPWK 63.88 3.5 ValleyNatlBncp VLY 12.94 2.7 Veritex VBTX 30.37 1.7 WebsterFin WBS 57.44 3.7 WhitingPetrol WLL 35.82 1.9 XenonPharms XENE 20.73 13.6 AmerElecPwrUn AEPPZ 45.81 -0.6 CovaAcqn COVAU 10.34 -1.5 LibertyBroadPfdA LBRDP 27.36 -0.8 ThunderBridgeIII TBCPU 10.34 -0.9 UrbanOutfitters URBN 34.86 6.8 ValmontInds VMI 238.33 3.2 Visa V 220.53 3.5 Welbilt WBT 16.13 4.7 Wiley A JW.A 55.54 1.8 YucaipaAcqn YAC.U 12.97 0.6 AmFinDeb AFGE 25.65 -1.2 CentricusAcqn CENHU 10.26 -0.2 MoringaAcqn MACAU 10.39 -0.6 TuataraCap TCACU 10.34 -3.4 VICI Prop VICI 28.66 0.6 VandaPharm VNDA 20.31 8.5 Vishay VSH 24.90 4.2 WesBanco WSBC 33.50 3.8 Williams WMB 24.08 0.3 ZebraTech ZBRA 515.82 2.9 AssurantNts2061 AIZN 25.05 -0.4 ChurchillV Wt CCV.WS 2.60 -17.4 MusicAcqn TMAC.U 10.38 -1.3 W.R.BerkleyDeb61 WRBpH 24.92 -0.5

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity LowP r 53.14 +0.61 9.3 JPMorgan I Class Income NA ... NA ExtndAdml 139.55 +1.81 11.9 VANGUARD FDS IdxIntl 20.46 ... 5.5 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. 500IdxInstPrem136.35 +1.54 4.7 Magin 13.11 +0.07 0.5 CoreBond 12.02 -0.03 NA PIMCO Funds Instl GNMAAdml 10.70 ... -0.2 DivdGro 33.44 +0.25 0.6 MdCpGrAdml 95.68 +0.46 4.8 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Contrafund K6 19.41 +0.13 2.8 NASDAQ r 170.79 +1.68 5.6 EqInc 20.81 +0.26 NA IncomeFd NA ... NA GrwthAdml 133.98 +1.01 2.7 INSTTRF2020 26.74 +0.07 1.9 SmValAdml 70.08 +1.39 14.8 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, ExtMktIdxInstPre 93.34 +1.21 11.8 OTC 18.67 +0.17 6.6 JPMorgan R Class Price Funds HlthCareAdml r 91.13 +0.36 0.2 INSTTRF2025 28.13 +0.09 2.5 TotBd2 11.16 -0.02 -2.4 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r FidSerToMarket 13.68 +0.16 6.0 Puritn 27.34 +0.28 5.1 CoreBond 12.03 -0.04 NA BlChip 171.54 +1.06 3.6 HYCorAdml r 5.98 ... 0.7 INSTTRF2030 28.99 +0.11 3.1 TotIntlInstIdx r136.86 ... 5.4 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not IntlIdxInstPrem 47.52 +0.07 4.2 SrsEmrgMkt 26.98 -0.13 8.1 Lord Abbett A DivGro 61.51 +0.56 2.5 InfProAd 27.99 -0.03 -1.2 INSTTRF2035 29.79 +0.14 3.7 TotItlInstPlId r136.89 ... 5.4 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; MidCpInxInstPrem 29.30 +0.37 8.5 SrsGlobal 15.13 ... 5.5 ShtDurIncmA p 4.22 ... 0.6 EqInc 34.34 +0.58 9.9 IntlGrAdml 170.09 -0.98 6.1 INSTTRF2040 30.61 +0.16 4.3 TotSt 100.37 +1.16 6.0 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. SAIUSLgCpIndxFd 20.56 +0.23 4.7 SrsGroCoRetail 24.40 +0.19 7.2 Lord Abbett F Growth 102.20 +0.80 5.4 ITBondAdml 12.30 -0.02 -2.0 INSTTRF2045 31.35 +0.19 4.9 VANGUARD INSTL FDS SeriesBondFd 10.51 -0.01 -2.2 SrsIntlGrw 18.12 -0.07 1.9 ShtDurIncm 4.21 ... 0.4 HelSci 101.56 +0.68 2.7 ITIGradeAdml 10.28 -0.01 -1.5 INSTTRF2050 31.45 +0.19 4.9 BalInst 45.51 +0.29 2.6 SeriesOverseas 12.63 ... 1.9 SrsIntlVal 10.76 +0.06 6.6 Metropolitan West LgCapGow I 65.15 +0.49 6.4 LTGradeAdml 10.85 -0.06 -7.5 INSTTRF2055 31.54 +0.20 5.0 DevMktsIndInst 15.93 +0.04 4.5 Wednesday, February 24, 2021 SmCpIdxInstPrem 28.92 +0.67 15.8 TotalBond 11.11 -0.01 -1.5 TotRetBdI NA ... NA MidCap 118.48 +1.17 4.8 MidCpAdml 276.44 +2.81 7.8 IntlGr 53.47 -0.30 6.1 DevMktsInxInst 24.91 +0.07 4.5 Net YTD Net YTD Net YTD Fidelity SAI TRBdPlan NA ... NA NHoriz 84.80 +0.51 3.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TMktIdxInstPrem114.17 +1.32 6.0 MuHYAdml 11.90 -0.05 ... IntlVal 42.67 +0.24 6.0 ExtndInst 139.54 +1.81 11.9 USBdIdxInstPrem 12.13 -0.02 -2.3 TotalBd 10.56 -0.01 -1.5 MFS Funds Class I R2020 23.55 +0.13 3.5 MuIntAdml 14.72 -0.04 -0.6 LifeCon 22.88 +0.04 0.9 GrwthInst 133.99 +1.01 2.7 American Century Inv Baird Funds EmMktCorEq 26.06 -0.14 7.4 Fidelity Advisor I Fidelity Selects Growth I 165.43 +0.84 2.3 R2025 20.17 +0.13 4.1 MuLTAdml 12.09 -0.04 -0.7 LifeGro 41.93 +0.23 4.2 InPrSeIn 11.40 -0.02 -1.2 Ultra 77.84 +0.63 2.5 AggBdInst 11.52 -0.01 -2.0 IntlCoreEq 15.42 +0.09 5.8 NwInsghtI 38.37 +0.33 4.2 Softwr r 28.19 +0.35 3.9 ValueI 47.33 +0.54 4.9 R2030 29.83 +0.21 4.9 MuLtdAdml 11.22 -0.01 -0.1 LifeMod 32.45 +0.11 2.5 InstIdx 347.20 +3.90 4.7 American Funds Cl A CorBdInst 11.91 -0.01 -1.7 IntSmCo 21.45 +0.15 5.8 Fidelity Freedom Tech r 28.47 +0.38 6.0 MFS Funds Instl R2035 22.41 +0.17 5.5 MuShtAdml 15.93 -0.01 ... PrmcpCor 32.26 +0.58 11.3 InstPlus 347.23 +3.91 4.8 AmcpA p 41.29 +0.52 5.6 BlackRock Funds IntSmVa 20.54 +0.23 7.4 FF2020 17.71 +0.05 3.2 First Eagle Funds IntlEq 31.19 +0.08 1.8 R2040 32.31 +0.27 6.2 PrmcpAdml r170.40 +2.70 10.8 STAR 32.25 +0.16 3.8 InstTStPlus 78.39 +0.90 6.0 AMutlA p 46.48 +0.39 4.2 HiYBlk 7.84 +0.01 1.2 TAUSCoreEq2 24.88 +0.36 8.2 FF2025 16.02 +0.05 3.7 GlbA 63.42 +0.39 3.5 Nuveen Cl I PRIMECAP Odyssey Fds RealEstatAdml128.80 +1.00 7.0 TgtRe2015 15.88 +0.03 1.0 MidCpInst 61.07 +0.62 7.8 BalA p 31.02 +0.22 2.7 HiYldBd Inst 7.83 ... 1.2 US CoreEq1 31.94 +0.43 7.6 FF2030 20.11 +0.07 4.3 Franklin A1 HYMunBd 17.83 -0.06 1.9 AggGrowth r 60.56 +0.92 12.8 SmCapAdml104.55 +2.00 12.2 TgtRe2020 34.93 +0.09 1.9 MidCpIstPl 301.18 +3.07 7.8 BondA p 13.50 -0.02 -1.9 BlackRock Funds A US CoreEq2 29.33 +0.43 8.8 FF2035 17.51 +0.09 5.7 CA TF A1 p 7.69 -0.04 -1.3 Old Westbury Fds Schwab Funds SmGthAdml102.60 +1.88 9.1 TgtRe2025 22.08 +0.08 2.5 SmCapInst 104.55 +2.00 12.2 CapIBA p 65.52 +0.40 4.0 GlblAlloc p 22.13 ... 2.8 US Small 45.07 +1.03 17.3 FF2040 12.52 +0.07 6.6 IncomeA1 p 2.39 +0.01 4.8 LrgCpStr 18.03 +0.10 5.2 1000 Inv r 87.77 +0.94 5.0 STBondAdml 10.83 ... -0.2 TgtRe2030 41.80 +0.17 3.1 STIGradeInst 11.00 ...... CapWGrA 62.38 +0.28 5.0 BlackRock Funds Inst US SmCpVal 42.27 +0.98 22.8 Freedom2025 K 16.00 +0.06 3.8 FrankTemp/Frank Adv Parnassus Fds S&P Sel 60.14 +0.67 4.7 STIGradeAdml 11.00 ...... TgtRe2035 26.15 +0.12 3.7 STIPSIxins 25.83 +0.01 0.8 EupacA p 72.48 -0.13 4.5 StratIncOpptyIns 10.43 +0.01 0.9 US TgdVal 28.65 +0.70 21.4 Freedom2030 K 20.10 +0.08 4.4 IncomeAdv 2.37 +0.01 4.9 ParnEqFd 56.19 +0.82 4.7 TSM Sel r 70.45 +0.82 6.0 TotBdAdml 11.31 -0.02 -2.4 TgtRe2040 46.18 +0.25 4.3 TotBdInst 11.31 -0.02 -2.4 FdInvA p 73.18 +0.71 5.8 Bridge Builder Trust USLgVa 41.78 +0.73 11.3 Freedom2035 K 17.48 +0.08 5.6 FrankTemp/Franklin A PGIM Funds Cl Z TIAA/CREF Funds TotIntBdIdxAdm 22.89 -0.04 -2.1 TgtRe2045 29.57 +0.18 4.9 TotBdInst2 11.16 -0.02 -2.3 GwthA p 70.87 +0.94 4.9 CoreBond 10.54 -0.02 -2.1 Dodge & Cox Freedom2040 K 12.52 +0.07 6.6 Growth A p 139.76 +1.11 3.2 HighYield 5.57 ... 1.8 EqIdxInst 29.40 +0.33 5.8 TotIntlAdmIdx r 34.22 ... 5.4 TgtRe2050 47.70 +0.29 5.0 TotBdInstPl 11.31 -0.02 -2.4 HI TrA p 10.34 +0.01 2.7 CorePlusBond 10.41 -0.01 -1.6 Balanced 109.80 +1.46 7.9 Fidelity Invest RisDv A p 81.34 +0.75 1.4 TotalReturnBond NA ... NA VANGUARD ADMIRAL TotStAdml 100.41 +1.16 6.0 TgtRet2055 51.79 +0.32 5.0 TotIntBdIdxInst 34.35 -0.06 -2.1 ICAA p 46.81 +0.49 5.4 Intl Eq 14.07 +0.02 5.3 Income 14.44 -0.01 -1.4 Balanc 29.47 +0.26 4.2 Guggenheim Funds Tru PIMCO Fds Instl 500Adml 363.02 +4.08 4.7 TxMCapAdml207.71 +2.26 5.1 TgtRetInc 15.03 +0.02 0.7 TotStInst 100.43 +1.16 6.0 IncoA p 24.63 +0.18 4.6 LargeCapGrowth 21.34 +0.16 3.7 Intl Stk 47.47 +0.41 8.6 BluCh 174.60 +1.28 7.1 TotRtnBdFdClInst 28.96 -0.04 -2.1 AllAsset NA ... NA BalAdml 45.51 +0.30 2.6 TxMIn r 15.91 +0.04 4.5 TotIntBdIxInv 11.45 -0.02 -2.1 ValueInst 49.86 +0.65 7.4 N PerA p 63.39 +0.58 4.8 LargeCapValue 15.86 +0.24 7.7 Stock 216.53 +4.46 12.4 Contra 16.94 +0.11 3.3 Harbor Funds InvGrdCrBd 10.95 -0.01 -2.5 CAITAdml 12.21 -0.04 -0.9 USGroAdml 178.23 +0.78 4.9 USGro 68.81 +0.30 4.8 WCM Focus Funds NEcoA p 62.33 +0.35 4.7 Columbia Class I DoubleLine Funds ContraK 16.98 +0.11 3.3 CapApInst 107.66 +0.50 3.3 ShortT 9.84 ... 0.2 CapOpAdml r196.73 +3.21 10.8 ValAdml 49.86 +0.65 7.4 WellsI 28.45 +0.09 0.4 WCMFocIntlGrwIns 25.56 -0.03 3.3 NwWrldA 92.91 -0.02 5.6 DivIncom I 27.11 +0.30 5.0 CoreFxdIncmI NA ... NA CpInc r 11.12 +0.07 4.2 Harding Loevner TotRt 10.39 -0.01 -1.7 DivAppIdxAdm 38.70 +0.27 0.9 WdsrllAdml 74.91 +1.02 9.1 Welltn 45.29 +0.24 2.1 Western Asset SmCpA p 85.48 +0.39 7.5 Dimensional Fds TotRetBdI 10.61 ... -0.6 GroCo 35.15 +0.27 6.9 IntlEq 29.50 -0.01 3.8 PIMCO Funds A EMAdmr 45.06 -0.33 8.1 WellsIAdml 68.92 +0.21 0.4 WndsrII 42.22 +0.58 9.0 CoreBondI NA ... NA TxExA p 13.52 -0.04 -0.4 5GlbFxdInc 10.90 ... 0.1 Edgewood Growth Instituti GrowCoK 35.24 +0.27 6.9 Invesco Funds Y IncomeFd NA ... NA EqIncAdml 84.11 +0.90 6.0 WelltnAdml 78.22 +0.42 2.1 VANGUARD INDEX FDS CorePlusBdI NA ... NA WshA p 53.04 +0.65 5.7 EmgMktVa 30.84 -0.19 7.6 EdgewoodGrInst 54.63 +0.39 5.5 InvGrBd 11.68 -0.01 -1.7 DevMktY 56.84 -0.12 6.3 PIMCO Funds I2 ExplrAdml 131.83 +2.03 10.1 WndsrAdml 78.07 +1.34 9.3 ExtndIstPl 344.37 +4.47 11.9 CorePlusBdIS NA ... NA P2JW056000-4-B01000-1------XA

B10 | Thursday, February 25, 2021 **** THE WALL STREET JOURNAL. MARKETS Stocks Jump on Powell’s Reassurance

BY WILL HORNER ell reaffirmed his commitment Indexperformance, Wednesday mies are going to reopen,” he pecting,said Paul O’Connor, AND PAUL VIGNA to keeping easy-monetarypol- added. head of multiasset manage- Russell 2000 icies unchanged forthe fore- Theyield on the benchmark ment at Janus Henderson In- Stocks turned higher after seeable futureand wasgener- 2% 10-year Treasury note, which vestors. Federal ReserveChairman Je- ally dismissiveofany inflation DowJones movesinversely to itsprice, “Marketsare expecting that rome Powell signaled that the concerns.That eased investor Industrial Average rose to 1.43% early in the ses- to be a2022story.However, central bank isn’t about to al- concerns about rising interest sion andsettled at 1.388%, a we areseeing sizable upgrades S&P500 ter its monetary policy, help- ratesand fearsthat an over- 1 52-week high. That wasup to U.S. GDP.Somewhereinthe ing push the DowJones Indus- heating economy would alter Nasdaq Composite from 1.363% Tuesday. middle of this year the discus- trial Average to a record. the Fed’s thinking. Though tech is usually sion around tapering is going Theblue-chip indexrose “Therewas relief in the viewedasone monolithic sec- to have to take place,” he said. 424.51 points, or 1.3%, to market that yields and infla- 0 tor, the companies within it On the economic front, 31961.86,its 10th closing high tion aren’t going to be as run- have been subject to the same new-homes sales rose 19% an- this year.Earlier in the ses- away as anticipated,” said growth/value debateasthe nualized in January, faster sion, the indexcrossed 32000 Shawn Snyder, head of invest- rest of the market, said Mi- than expected. One concern, for the first time. ment strategyatCiti U.S. -1 chael Greenly,asenior portfo- though, is that rising lumber TheS&P 500 rose 44.06 Wealth Management. lio manager at UBS Private prices could forcehome prices points, or 1.1%, to 3925.43. The Stock marketshave wa- Wealth Management. higher,offsetting lowmort- Nasdaq Compositeadded veredinrecent days following While the big tech names gage rates. 132.77 points, astrong start to the year,with -2 have fallen, morecyclically fo- Bitcoin rose 1% to $48,526 WEDNESDAY’S or 1%, to highflying tech companies cused companies,likesemi- afterfalling 13% Tuesday. MARKETS 13597.97, and leading declines. The Nasdaq 9:30 a.m. noon 4p.m. conductors, have been doing Other cryptocurrencies that the Russell had doubled from itslowslast Source:FactSet well, he said. declined Tuesday,such as 2000 small-cap index jumped March, with companies like ThePHLX Semiconductor ether, also gained. 53.07points, or 2.4%, to Tesla rising even further. by improving growth pros- vestment Funds. “Bond yields Index, forinstance, is up Overseas,the pan-continen- 2284.38. It isn’t at all surprising that pectsand rising inflation ex- arerising because of good nearly 14%this year,outpacing talStoxxEurope 600 index Forthe second straight day, investorschose nowtolock in pectations,has accelerated a vaccination ratesinthe U.S. the Nasdaq Composite’s 5.5% rose 0.5%. major stock indexesopened in some of those profits, said LPL rotation out of the tech stocks and U.K. and it’s prompting a gain. Early Thursday, Japan’s the redbeforereversing Financial strategist Jeff Buch- that led marketshigher during simple rotation away from ev- “You’re seeing a change in Nikkei Stock Averagewas up course,asinvestorshavebeen binder.“We’veseen this in the pandemic and intothe erything that did well last leadership in tech,” he said. 1.6%, Hong Kong’s Hang Seng reassured by Mr.Powell’stes- other bull marketscoming off stocks best placed to benefit year,the stay-at-home stocks, While the Fed has stuck to Indexwas up 1.9% and South timony. TheS&P 500 snapped major bear-market lows.It from an end to lockdowns. to the ones that didn’t, the go- the same messagesincethe Korea’sKospi wasup2.2%. afive-session losing streak makes totalsense to take a “This really is afunction of outside stocks.” pandemic hit, the strength of U.S. stock futures were up Tuesday. breather.” economies reopening,” said “It’sagood storyinsome therecoverycould prompt it 0.1%. Speaking to the Senate Investorssaid arise in gov- Brian O’Reilly,head of market ways, in that the market is to change course sooner than —Xie Yu and Caitlin Ostroff Banking Committee, Mr.Pow- ernment bond yields,driven strategyatMediolanum In- trying to price in that econo- many investors have been ex- contributed to this article. GameStop Shares Double at Session’s End Hong Kong

BY CAITLIN MCCABE below$50 formost of the day. Aclear catalyst forthe sud- Bets forum, also jumped late whythe stocks were rising To Raise AND GUNJAN BANERJI Thestock,which washalted den surge couldn’t be deter- in the trading dayWednesday, seemed to overwhelm the twice on Wednesday for vola- mined. Thecompanysaid after with AMC Entertainment WallStreetBetsforum, which GameStop Corp.shares tility,closed around that level marketsclosed Tuesdaythat Holdings Inc.finishing 18% began to struggle to load Trades Tax skyrocketed in the final hour on Feb. 3. It climbed further in itschief financial officer would higher and headphone-maker around the close of the trading of trading Wednesday, finish- after-hours trading. resign March 26.GameStopin Koss Corp surging 55%. Both day. And some WallStreetBets ing the day with a rally remi- Options activity tied to recent months has come under stocks, among several others, usersalso questioned whythe ContinuedfrompageB1 niscent of last month’s block- GameStopalso hit the highest pressuretofocus moreheavily sawtheir shareprices rapidly stock ascended so quickly. ever haul.The company’s buster gains. level in two weeks, with bull- on e-commerce. surge in Januaryduring GameStopshares continued to stock,which has recently hit Shares of the videogame re- ish contractssignificantly out- Shares of other meme GameStop’srise.They have surge in after-hourstrading record highs,fell as much as tailer finished 104% higher to pacing bearish ones,Trade stocks,orstocks that arepop- sincefallen in the weeks since. andwereupmorethan 80% 12% beforeparing some losses close at $91.71 after hovering Alert data show. ular on Reddit’sWallStreet- Demand foranswers as to late in that session. to close 8.8%lower. Thecity’s benchmark Hang Seng Index fell 3%. “Wewerenot consulted on Saudi Arabia Issues this.Wereceived it together with the public,” said Calvin Tai, the interim chief executive of Hong Kong Exchanges.He Negative-RateDebt said that the group wasdisap- pointed but understood the government’srationale, and BY ANNA HIRTENSTEIN part of this, analysts said. that the most important thing Theeurozone has had a wastoensureHong Kong re- The recovery in oil prices negativepolicyratesince mained apreferred center for boostedinvestor appetitefor 2014, which actsasarefer- trading,capital-raising and risk Saudi Arabian government encefor sovereign and corpo- management.

debt abroad, allowing the king- rate debt, bringing down the LLAH/REUTERS Theincrease will most affect DA

dom to borrow at negativein- cost of borrowing in euros JA quantitativefunds,which make terest ratesfor the firsttime. overall. Governmentsand up 10% to 20% of trading in

Thekingdom raised €1.5 companies around the world AHMED Hong Kong,Citigroup analysts billion, equivalent to $1.8 bil- often tap Europe’s bond mar- The kingdom’s economy is expected to rebound as oil prices recover and energy demand picks up. said in anotetoclients. It lion,through abond sale on ket to access cheaper funds. could cut Hong Kong Ex- Wednesday. Theyields were China wasable to borrow at levels. OPEC members and a pacity,” said Kieran Curtis,an He is overweight Saudi changes’sdaily trading volumes minus 0.057% forthree-year negativerates forthe first groupoflarge producersout- emerging-market fund man- bonds,meaning the fund he by 10% and earningsper share debt and 0.646% fornine-year, time last year in a three-part side the cartel led by Russia ager at Aberdeen StandardIn- manages holds more than the by about 5%, they wrote. the cheapest borrowing costs euro-denominated debt sale. largely maintained the produc- vestments. He said he expects benchmark it tracks. Thetax increase will also it has achieved to date. It was “Itmakes sense forthem, tion cutsthat were put in Saudi Arabia to be able to in- Still, forsome investorsthe likely hurt smaller brokerages the second time it has issued they diversifytheir funding placetoreducesupply and crease output as the global yields aretoo lowfor them to andindividual investorswho bonds in euros. base and getasignificantly support prices while the pan- economyrecoversand energy be interested. makedaily betsonstocks,said One of the most oil-depen- lowercost of funds,” said demic crushed energy demand. demand picks up. “Wedon’t think these Christopher Cheung Wah-fung, dent countries in the world, Zeina Rizk,anexecutivedirec- In December,they agreed to a Adviserstothe kingdom bonds offer much value be- CEO of Christfund Securities Saudi Arabia has regularly torand fixed-income portfolio very moderateincrease of half told TheWall Street Journal cause of narrow spreads,” said and alawmaker who represents tapped international bond manager at Arqaam Capital in amillion barrels aday. that this is currently under Joseph Mouawad, an interna- brokerages in Hong Kong. marketssince2016 to balance Dubai. Wednesday’sissuance In asurprise move, Saudi consideration, and Saudi Ara- tional bond fund manager at Still, he said it wasunlikely itsbudget amid crude price size is surprisingly small, but Arabia said last month that it bia’s output maybeincreased Carmignac.But forinvestors to affect Hong Kong’s overall swings. Itseconomycon- the order book sizeshowed would further cut its produc- in the coming months. who just invest in euro-de- competitiveness, given the city tracted 3.9% last year as the that demand wasstill there, tion by onemillion barrels a “They’recoming intothis nominated bonds,Wednes- doesn’t impose capital-gains pandemic hitglobal energy she said. day. Theadverse winter from aposition of strength,” day’sissuancecould make taxes. “It’s a way for the gov- demand, according to esti- Saudi Arabia’seconomyis weather in Texas decreased said Mohieddine Kronfol, a sense, he said. ernment to generatemoreim- mates from the International expected to rebound as oil global crude supply further,as portfolio manager at Franklin “You have alot of mandates mediateincome amid rising MonetaryFund, leaving it with prices recover. Economists at pipelines and equipment on Templeton with afocus on and cash that have to be de- trading volumes,asitneeds to abudget deficit of 12% of eco- HSBC are expecting gross do- shale oil fields froze, although Middle East bonds. “Finan- ployedinfixed-income instru- offer morehandoutsamid the nomic output by December. mestic product to increase up this has largely recoveredin cially they’vedealt with the ments. These euros need a economic downturn,” Mr.Che- Thegovernment put for- to 4% in 2021. recent days. virus quite well; we’re begin- home,” he said. “With most of ung said. ward aplan to morethan Global benchmark Brent “Saudi looks very much in ning to see arecoverytake the European sovereign space Mr.Chan said in his budget halve this shortfall by cutting crude has soared over 26% so control of the oil price at the hold. They’vemanaged to con- in negativeterritory, safer speech that the government spending this year.Its deci- far this year,bringing the moment; they’reobviously sit- tain the fallout from the oil emerging-marketcountries hadconsidered the impact on sion to issue in euros is likely priceback to pre-pandemic ting on a fair bit of spare ca- price” volatility. look more appealing.” the market and the city’s inter- national competitiveness, and would continue to develop the securities market. Hong Kong is Fed Services Are Disrupted Puerto Rico Deal Gives reeling from the effectsofthe coronavirus pandemic and ear- lier social unrest,with itsecon- BY PAUL KIERNAN 12:43 p.m. ET of “a possible is- offline wasthe FedwireFunds Bonds, InsurersBoost omyshrinking by arecord6.1% sue or disruption to multiple Service, which the Fedde- last year. TheFederal Reservesaid an services.” A subsequent alert scribes as “the premier elec- BY MATT WIRZ defaulted bonds also rose as the Stock trading in Hong Kong unspecified error disrupted all said Fedstaff became aware of tronic funds-transfer service settlement removed some un- hasboomed recently,hitting a of itsfinancial-services sys- “a disruption for all services” that banks,businesses and Asettlement between credi- certainty about the amount of freshrecordonMonday, with tems in an extraordinaryevent beginning around 11:15 a.m. government agencies rely on tors in PuertoRico’sbank- claims they would need to pay. the equivalent of $39 billion of that took down key payment The full impact of the dis- formission-critical, same-day ruptcy case liftedprices of the MBIA Inc.’sstock has jumped main-boardshares changing systems used by banks, busi- ruption couldn’t immediately transactions.” Entities use the commonwealth’smunicipal around 13% this week,while hands.The government earned nesses and government agen- be discerned. But the Treasury servicetosend or receivepay- bonds and shares of insurance Ambac Financial Group Inc.’s about HK$33.2 billion, equiva- cies for several hours. memo to regulatorssaid it ments, settle positions with companies that guaranteed shares have gained about 7. 2%. lent to $4.3billion, through Central-bank officials prompted the Payments Risk other financial institutions paymentsonthe bonds. Thedisparatehedgefunds stamp duties on stocks forthe couldn’t immediately recall a andtosubmit taxpayments, Tradershave and mutual funds that own fiscal year ended March 2020. similarepisode affecting its among other activities. CREDIT driven up prices of PuertoRico’sdebtshaveagreed systems.They allowthe Fedto The disruption Also affected were FedACH, MARKETS the island’sbench- to several previous restructur- perform itsless-public role of an automated clearinghouse mark $3.5 billion ings of the paymentsthey are AUCTION RESULTS Here are the results of Wednesday's Treasury acting as abank forthe nation’s caused a payment network that enables debit and general obligation bond due owedonly to be forced to recut auctions. All bids are awarded at a single price at the market-clearing yield. Rates are determined by the banks and forthe U.S. govern- backlog to build up credit transactions,and Fed- 2035 by 3.3% to around 78 those deals as natural disasters difference between that price and the face value. ment. It handles tasks including wireSecurities,which provides centsonthe dollar afterthe and the pandemic hammered FIVE-YEAR NOTES collecting checks,electronically at banks. transfer and settlement ser- Tuesdaydeal removed one of the economy.Holdersofabout Applications $149,560,796,500 transferring funds,and selling vicesfor securities issued by the last logjams in Puerto $11.7billion support the new Accepted bids $74,214,501,500 " noncompetitively $23,028,100 and redeeming Treasurybills— theU.S.Treasury, government Rico’snearly four-year journey proposal in amajor step to re- " foreign noncompetitively $2,000,000 services that were all offline for agencies and government-spon- through bankruptcy court. solving the $35 billion of claims Auction price (rate) 99.405518 (0.621%) morethan three hourson Committee—a private-sector sored housing enterprises. Roughly $400 million face against PuertoRico, according Interest rate 0.500% Wednesday. group of senior bank managers Thefirst servicetobere- amount of the bond changed to an announcement by the Bids at clearing yield accepted 93.49% Cusip number 91282CBQ3 “While root cause is currently sponsored by the NewYork stored—at2:17 p.m. ET—was hands Tuesdayand Wednesday, oversight boardmanaging the The notes, dated March 1, 2021, mature on Feb. 28, being evaluated, thereisnoindi- Fed—toinitiate“emergency the Fed’scentral bank pro- making it one of the most ac- island’sfinancial overhaul. 2026. cation that the issue is the result communications protocols.” grams,which include setting tively traded securities in the Themost recent iteration ONE-YEAR, 11-MONTH FRNs of acyberattack,” aTreasury Thedisruption caused a interest ratesand allowing fi- municipal-bond market, accord- stands out because forthe first Applications $74,989,084,500 Accepted bids $26,000,444,500 Department official said in a payment backlog to build up nancial institutions to review ing to datafromElectronic Mu- time it includes “conditional " noncompetitively $13,084,500 statement sent to banking regu- at banks, which they began andmanagethe money they nicipal Market Access. support” from insurerswho Spread 0.049% Bids at clearing yield accepted 65.92% latorsat1:47p.m. ET. working through once the is- hold at the Fed, called reserves. Shares of the insurersthat guaranteed bond payments, an- Cusip number 91282CBK6 TheFed sent an alert to us- sue resolved. Fedwireand FedACH were back guaranteed paymentsonbil- alystsatCreditSightssaid in a The floating-rate notes, dated Feb. 26, 2021, mature ers of its financial services at One of the services taken shortly before3p.m. lions of dollarsofPuertoRico’s report. on Jan. 31, 2023. P2JW056000-0-B01100-1------XA

THE WALL STREET JOURNAL. Thursday, February 25, 2021 | B11 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Lysol Maker’s Shine Won’t Disappear

Reckitt Benckiser’s prospects improved

TheBritish companybehind Lysol and other disinfectant brands wasaclear pandemic winner.In- vestorshavelittle confidencethat last year’s sales boom will stick, which seems overly pessimistic.

ReckittBenckiser,which owns S brands such as Durex condoms and NEW

Mucinexcold remedies,said G Wednesdaythat sales rose 11.8%

last year compared with 2019,strip- OOMBER

ping out the impact of portfolio /BL changes and exchange-ratemoves.

Shareholdersseem to think the MORRIS

best is over.Reckitt’sguidancethat UL sales will grow by 0% to 2% in 2021 PA VID

hasn’t helped. Itssharepriceisback DA at pre-Covid levels,having fallen A prototype of the Lucid Air. The company’s first vehicle boasts better battery efficiency than peers, including Tesla, and is already in preproduction. roughly 25% from itspandemic peak last summer.Asamultiple of next year’s earnings, the stock trades at 18.7 times.That is cheap foracon- Lucid’s Valuation Brings Risks sumer-staples company. Even if demand for cleaning products ebbs, a portfolio shake- up is under way to root out losing Electric-vehicle maker has better claim than mosttobenext Tesla, but some look toofar into the future brands. Reckitt has put its Chinese infant nutrition business under re- view. It is an admission that the Is electric-vehicle company Lu- nounced: CCIV shares plunged 39% Churchill Capital IV’s shareprice Peter Rawlinson, the engineer be- previous management team’s $17 cid Motors worth $11.75 billion, Tuesdayand an additional 18% hind Tesla’s Model S. Its first vehi- billion purchase of Mead Johnson $24 billion or $46 billion? The one Wednesday. Tuesdaywas arough $60 cle boasts better battery efficiency in 2017—an expensive bet on the thing investors can be sure of is dayfor Tesla’sstock too,asinves- than peers, including Tesla, and is Chinese baby-food market—has that the lower the valuation they tors weighed the prospect of rising 50 already in preproduction, when car soured. Local rival Feihe is taking buy at, the better their chances of interest ratesand aconsequent “ro- makers work with suppliers to iron market share and China’s birthrate making returns. tation” away from expensivetech out fit-and-finish problems. Deliv- 40 plummeted 15% last year, accord- Lucid, one of the most promis- shares.Yet the terms of the trans- eries start later this year. If any- ing to official statistics. ing startups trying to follow action—notably some valuation Bloombergreports one has a shot at breaking into the Reckitt said Wednesdaythat it Tesla’s lead in EVs, announced a numbersbacked by hardheaded ne- 30 talkswith Lucid EV market it is Lucid. has sold itsScholl foot-carebrand. merger late Monday with Church- gotiations—mayalso have helped But even if we assume the com- Together,these two weak businesses ill Capital IV or CCIV, a special- sober CCIV investorsup. pany is something of a new Tesla, 20 contributed around 8% of sales. purpose acquisition company CCIV agreed to pay $11.75 bil- and that EVs rapidly replace con- If the pandemic makes consum- founded by Michael Klein. lion for Lucid’s existing business. ventional ones, plenty of questions ersmoregerm-conscious long-term, Bloomberg reported talks last Add the blank-check company’s 10 remain. How successful will De- which seems feasible,management month, and since then the market $2.1 billion in cash and an addi- troit be in fighting back against thinks itshygiene brands should value of CCIV, which consists of tional $2.5 billion in cash from in- 0 Californian upstarts? Will EVs grow by up to 5% ayear,rather than $2.1 billion in cash, has ballooned stitutional investors and you get achieve better returns on capital the4%rateseen beforethe health to $7.4 billion amid much discus- postdeal equity of $16.3 billion. Oct. 2020 ’21 than conventional cars, justifying crisis.New lines of businesswere sion on Reddit. But the company also cited a valu- Source:FactSet higher valuations? How will manu- added in 2020: Reckittsigned deals As the deal allocated CCIV ation of $24 billion. This is be- facturers adapt to future break- with airlines likeBritish Airways shareholders 16.1% of Lucid’s eq- cause the institutional investors outset are paying the least. Insti- throughs in battery technology? and the Hilton hotel chain to reas- uity, the implied market value of agreed to buy into CCIV at $15 a tutions such as Fidelity and Black- An overriding theme of invest- sureconsumersthat certain clean- the combined companies is now share—a 50% premium to its net Rock that are getting shares ment history is how hard it is to ing protocols arebeing met. These roughly $46 billion—even exclud- asset value but well below its cur- through the secondary fundraising predict long-term winners when contractswill contribute1%tosales ing the impact of shares and war- rent share price. Apply that pre- are paying more. And anyone who disruptive new technologies growth in 2021, Reckittestimates. rants held by Mr. Klein and his mium to the entire equity and you buys CCIV stock now is paying by emerge. Like Tesla’s $712 billion Last year’s demand forproducts team that are due to vest. get roughly $24 billion. far the most, even after a two-day market value, the $46 billion valu- likeLysol wasnever sustainable. That valuation, which compares What all these numbers spell correction. ation for Lucid implied by CCIV’s Still, ReckittBenckiser should come to about $48 billion for Ford Mo- out is that different investors are Lucid’s pitch to investors is stock anticipates future riches that out of the crisis morepolished than tor,was even higher beforethe buying Lucid at different prices. much better developed than those remain wildly uncertain. it is getting credit for. —Carol Ryan transaction wasofficially an- Those who invested in CCIV at the of most EV startups. It is run by —Stephen Wilmot

Home Depot, Lowe’s Don’t S PRES UMA

Have to Fear EndofCrisis /Z TER GIS RE Home Depot’s Chief Executive strongest month of growth last Craig Menear boasted on Tuesday quarter forboth companies, boosted UNTY that “formanycustomers, the home by fresh stimulus payments to con- CO

has never been moreimportant.” In- sumers. Home Depot said on its ANGE vestorsare getting anxious about earningscall that it has seen contin- OR A/ howlong that will continue. ued strong demand in February. Home Depot and Lowe’s had Even without the same level of

strong holiday quarters ended late consumer home-improvement proj- PHOMICIND January, with sales up roughly 25% ects, the retailershavereasons to be A

compared with a year earlier. optimistic.Lowe’s still has room to HAR TC

Among the bestsellers were lum- increase profitability. Itsoperating WA ber and outdoor-living categories. margins have been lowerthan Home Companies such as Amazon were among a highflying group of big companies that generated strong sales growth. For the year, Lowe’s and Home De- Depot’s, but it is catching up thanks pot saw their revenue expand to productivity initiatives such as 24.2% and 19.9%, respectively. But modernized checkout systems.Un- Rising Rates Challenge Pandemic Winners investors are focused on the fu- der itsmost bearish scenario,Lowe’s ture. Despite strong results, Lowe’s expectsits adjusted operating mar- and Home Depot shares fell after gins to expand this year. Risinglong-term Treasuryyields agood thing.AsAmericans get Companies such as Amazon and their earnings calls this week. Home Depot should benefit from ultimately might not pose much of back to eating out at restaurants, Apple don’t usually getlumped in Lowe’s stuck to the guidanceit ahigher mix of professional custom- aproblem formost stocks.But the heading out on vacations and going with consumer staples,but over laid out in December,inwhich it ers, who areshowing stronger de- bout of indigestion that higher to the mall, sales could flourish. the past year they were among a said sales would be about $86 billion mand as consumersbecome less yields arealready giving to some of Considering howmuch money has highflying group of big companies in 2021 under the most bullish sce- wary of letting strangersintotheir the past year’s biggest winners— built up in alot of people’sbank that generated strong sales growth nario,adropof4%from2020. homes.Home Depot has potential to shares of companies including Am- accountsduring the pandemic not just in spiteofthe pandemic, Home Depot didn’t giveguidance. boost businessthrough HD Supply, a azon.com, Apple, Tesla and Micro- therecould be abit of aboom. but in some regardsasaresult of So far,thereare no signs of sales maintenance, repair and operations soft —could provemorelasting. Forthe shares of those compa- it. People holed up at home bought slowing down. Januarywas the business it bought last year. Some of that is because these nies,onthe other hand, the rise in morestuff over the internet, and In contrast to other pandemic-era companies’ steep valuations make long-term ratesprovides abit of a spent money that might otherwise Forward12-month price-to- winnerssuch as Lululemon,these them vulnerable to rising yields. challenge: Thehigher that yields have gone toward nightsout on earnings ratios home-improvement retailersaren’t But it also stems from how, even as go, the morecompetitivebonds are thingslikestreaming services. much moreexpensivethan they theCovid-19 pandemic wreaked with stocks.The challengeishardly Areturn to amorenormal econ- 40 were ayear ago. Home Depot and havoc, those stocks did so well. insurmountable,however, consider- omydoesn’t necessarily mean that Lowe’s shares trade at roughly 20 With the daily tally of new ing that the bettereconomythat growth at these pandemic winners times and 18 times forwardearnings, Covid-19 cases falling rapidly,mil- yields areheralding makes forbet- will falter,but neither will it pick S&PRetail 30 Select respectively,slightly lowerthan lions of vaccine doses going into terprofits.That is whyasoften as up all that much. So their shares Industry wherethey were ayear ago. Abroad arms each week and another round not in recent years, periods of ris- don’t look as attractiverelativeto Index basket of retail stocks have gotten of government support looking as ing Treasuryyields coincide with Treasurys if Treasuryyields keep moreexpensiveoverthe same time. if it is on itsway,areturn to some- stocks rising,too. going up. 20 Home There are also no signs that the thing likenormal in the months Some stocks however, such as They mayalso look lessattrac- Depot housing boom is winding down ahead is looking moreand more shares of consumer-staples compa- tiverelativetothe shares of many soon. In January, existing home likely.With that prospect of recov- nies including food processorsand of those companies that suffered 10 Lowe's sales were up 23.7% from a year ery, bond investorshavebecome paper-towelmakers, tend not to during the pandemic and that earlier, according to the National lessenamored with the safety of cope well with higher long-term in- could see businessboom as the Association of Realtors, and the long-term Treasurys,pushing rates terest rates. That is because these pandemic eases.The best stocks to 0 main limiting factor appears to be higher.The 10-year note’syield is companies suffer lesswhen the buy nowmight not be the stocks a lack of inventory. That should now1.39%, compared with 0.88% economyisinadownturn, but they that have done best over the past 2020 ’21 keep registers ringing at Home De- just three months ago. also don’t benefit as much when year. Source:S&P Global Market Intelligence pot and Lowe’s. —Jinjoo Lee Formost U.S. companies this is the economycomes back. —Justin Lahart P2JW056000-0-B01200-1------XA

B12 | Thursday, February 25, 2021 THE WALL STREET JOURNAL.

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